CARES ACT Donation Support
Support Siskin Children's Institute More with the CARES Act!
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R.748) was signed into law on Friday, March 27th, 2020. The provisions in this act significantly reduce previous limitations on tax deductions for 2020 as an incentive for the American public to give generously to non-profits like Siskin Children's Institute.
The CARES Act provides the following for donors.
Non-itemized in 2020
The CARES Act allows gifts up to $300 to be 100% tax deductible.
Until the CARES Act was passed, only those who itemized were able to receive a charitable tax deduction.
Itemized in 2020
The CARES Act increases the cap on annual giving from 60% of your Adjusted Gross Income to 100%!
Please note, supporters who use this must inform the IRS. This benefits a large charitable gift by eliminating the tax burden. Any contributions in excess of total Adjusted Gross Income may be carried forward.
Do you have a business or organization that would like to support Siskin Children's Institute?
Before the CARES Act bill was passed, giving was limited to 10% of a businesses taxable income. The new limit, through CARES Act bill, is now 25% of the taxable income, which makes a charitable gift will make a bigger impact on children with special needs and their families.
For more information about the CARES Act, click Here.