The federal stimulus CARES Act gave taxpayers an incentive to help those in need during the pandemic crisis: an above-the-line $300 charitable income tax deduction.
In 2020, non-itemizers can claim up to $300 in an above-the-line income tax deduction for monetary donations made this year. For those who take the standard deduction on 2020 returns filed in 2021, if you gave up to $300 to charities, you can claim a $300 tax break in addition to the standard deduction ($12,400 for individuals and $24,800 for married couples filing jointly).
Homeless shelters count on the support of donors to help fund their mission. Most are in great need of additional assistance as they expand and staff new shelter options for vulnerable clients.
Chicago Coalition for the Homeless hopes this tax incentive delivers the message that we’re all in this together. As a non-profit itself, CCH appreciates the support shown to us and to shelter providers during this time of need.
– Michael Nameche, Director of Development