Unexpected upside to 2020
Amid the 2020 fallout, there’s a silver lining in this year’s tax code: more tax-friendly charitable deductions, including those for university support.
The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by Congress on March 27, 2020, to help individuals, businesses and nonprofits weather economic hardships during the pandemic. In addition, there are one-year-only deductions that could benefit both taxpayers and their charity of choice.
Cash contributions to qualified public charities can be deducted up to 100% of adjusted gross income (AGI). Typically the maximum allowed is 60%. For those who don’t itemize, charitable donations up to $300 will reduce AGI by up to $300. A more in-depth overview of CARES Act tax provisions is available here.
Charitable donations to the Texas A&M Foundation can be done online. A dropdown menu allows donors to give to specific areas (including the College of Dentistry through the Health Science Center). Gifts in support of the college can also be made through Baylor Oral Health Foundation, which offers online giving options as well.
For more information on giving in support of Texas A&M College of Dentistry, contact Melissa Ogden at 214-828-8449 or mogden@txamfoundation.com.
