Your Gifts Fuel Our Future – And Now They’re Fully Deductible!
Good news! Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act Congress has included generous incentives for individuals and businesses to give to non-profit organizations. You’ll want to check in with your tax professional for advice on your situation, but here are excerpts from an article by the Association of Fundraising Professionals that addresses Temporary Universal Charitable Deductions, Adjusted Gross Income Limitations, and Corporate Deductions.
● Temporary Universal Charitable Deduction: Taxpayers who do not itemize their deductions can take a one-time deduction of up to $300 for gifts made to charitable organizations. The deduction is ONLY for gifts of cash made in calendar year 2020 and does not cover other types of gifts or contributions made to donor-advised funds or private foundations.
● Adjusted Gross Income Limitation: CARES suspends the 60 percent adjusted gross income limitation for individuals’ charitable contributions for the year 2020. In a typical year, individuals can only take a charitable deduction of up to 60 percent of their adjusted gross income, no matter how much they give. For 2020, because there is no limit, cash contributions are fully deductible.
Corporate Deduction: CARES increases the cap on how much corporations may deduct for charitable gifts from 10 percent of taxable income to 25 percent. In addition, the limitation on deductions for food donations by corporations increases from 15 percent to 25 percent for the current year.
Give the Gift of Membership
Another way to spread #AIFFLove is to buy a membership for a friend or family member. Remember, 75 percent of our films are available nationwide. Memberships support our operations and make a great gift. (Mother’s Day is Sunday, May 10, 2020, just in time for our Virtual Festival Kickoff on May 22.)
Become a PR Ambassador for AIFFSupport AIFF by spreading the word about the virtual festival as an AIFF PR ambassador. It’s easy: just send an email to 5-10 your friends telling them why you love AIFF. Copy and paste https://filmfestivalflix.com/festival/aiff into your email, and they’ll have all the information they need. Thank you!