CAPA is changing lives through the arts, and your support makes it all possible.
This is truly an exceptional time. So much has happened in recent weeks in all our worlds. But while there is uncertainty, you can be certain that CAPA and our community will get through this together. More than anything, we want to thank you for your patronage and support because the arts are important to our lives, to unite and inspire us in the best and most challenging times.
We deeply express our gratitude for your donation today to CAPA to ensure our great performances, meaningful education programs and community engagement will thrive when, once again, the curtain goes up.
We promise to be here for our community....just as you are here for us. There are so many great things to come!
Did you know? Charitable giving tax breaks for donors
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several provisions to help individuals and businesses who give to charity. The new law generally extends through the end of 2021 four temporary tax changes originally enacted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here is a rundown of these changes.
- Donors who take the standard deduction may also take an “above-the-line” deduction for up to $300 in charitable donations given in 2020. This effectively allows a limited charitable deduction to taxpayers claiming the standard deduction. For example, if you take the standard deduction and give $300 to charity, you will get a $300 tax break in addition to the standard deduction.
- For donors who itemize deductions, the limit on charitable deductions – generally 60% of modified adjusted gross income – doesn’t apply to qualifying cash contributions to public charities in 2021; instead the CARES Act allows taxpayers to claim a tax deduction of up to 100% of your Adjusted Gross Income for contributions to qualifying charities.
- These new deductions are only for cash gifts that go to a public charity, not to Donor Advised Funds or Private Foundations.
- For corporate donors, the limitation on charitable deductions, which is generally 10% of modified taxable income, doesn’t apply to qualifying contributions made in 2021. The new law temporarily lifts the limit from 10% to 25% of modified taxable income for 2021 filings.
Please consult your accountant or tax preparer for more information about these changes, and how they can help you with your charitable support.
Or visit: https://www.irs.gov/newsroom/expanded-tax-benefits-help-individuals-and-businesses-give-to-charity-during-2021-deductions-up-to-600-available-for-cash-donations-by-non-itemizers