For Immediate Release: December 11, 2020.
Hot Springs, AR – United Way of the Ouachitas would like to encourage the community to consider their non- profit of choice this giving season. As we enter the end of the year, we realize many charities are struggling, and donations for many are down across the board.
This past Spring Congress enacted the Coronavirus Aid, Relief and Economic Security (CARES) Act, which includes various provisional tax changes in favor of charitable giving. The CARES Act contains a special $300 deduction designed specifically for the people who choose to take the standard deduction, rather than itemizing their deductions. The special tax Deduction is available now through December 31st, 2020.
This means that if someone makes a cash donation to a qualifying charity before the end of 2020, they can receive a deduction of up to $300. The deduction lowers both adjusted gross income and taxable income- translating into savings for those making donations to qualifying tax- exempt organizations.
This simple act of kindness could help many organizations across the Garland County and the Ouachita Region as they try to help navigate COVID- 19 moving into the 2021.
For more information, please visit www.unitedway.org.
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