CARES Act Tax Advantages-2020 Donations

Reminder: As Renaissance Academy is a 501(c)3 non-profit organization, all or part of your contribution to our school is tax deductible.

The CARES Act Tax offers Advantages for Donations made in 2020!

If you itemize your taxes, with a cash donation you can:

  • Deduct up to 100% of your adjusted gross income (increased from 60%)
  • If you are an individual between 59.5 and 70.5 years old considering a large gift, you can now effectively make a Qualified Charitable Distribution from your IRA directly to IMS that otherwise wouldn’t be possible.
  • If you are over 70.5 years old you may still donate up to $100,000 in IRA assets directly, without taking the distribution into taxable income.

If you do not itemize your taxes, with a cash donation you can:

  • Take a charitable deduction of up to $300.

If you own or work for a small business:

  • Corporations can deduct up to 25% of taxable income (increased from 10%).

Questions:

Contact Denise Kozuch-Harakal at denise.kozuch-harakal@rak12.org or 610-983-4080 extension 409

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