Yes, The new universal tax break for charitable donations was included in the final $2 trillion COVID-19 stimulus package signed into law in March and will go into effect starting with the 2020 tax year. The measure grants taxpayers an above-the-line deduction for up to $300 in charitable donations given in 2020. So for folks who take the standard deduction, if you give $300 to charity, you’d get the $300 tax break in addition to the standard deduction. Those who file for itemized deduction can take a tax deduction of up to 100% of your Adjusted Gross Income (AGI) for charitable donations to qualifying charities starting in 2020. Corporate donors can take a tax deduction of up to 25% of their Adjustable Tax Income for charitable donations to qualifying charities starting in 2020. Your gift matters more than ever during this time of need and we hope that you are able to take advantage of this charitable opportunity. For more details click here.
Arizona Charitable Tax Credit - Helping The Working Poor
United Way of Tucson and Southern Arizona is a qualifying organization for the Arizona Charitable Tax Credit, which provides a dollar-for-dollar tax credit of up to $400/individual or $800/couples. This fund supports job-skills training, affordable childcare, educational opportunities, emergency services and more, to the Working Poor in our community. For more details click here.
The code needed to claim the Qualifying Charitable Organization tax credit for an umbrella organization is 20726.