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Tax benefits of the CARES Act

We hope that you and your family are taking special care during this time of uncertainty and isolation. Just know that BookSpring is fully engaged in reaching deep into our communities in Central Texas and delivering on our mission of distributing books and promoting literacy for our kids and families.

As we reach out to those in need, there is a silver lining for charitable giving during these challenging times in the new CARES (Coronavirus Aid, Relief, and Economic Security Act). Here are the details as reported by Inside Charity. “Charitable Giving Incentive: Creates a new above-the-line deduction (universal or non-itemize deduction that applies to all taxpayers) for total charitable contributions of up to $300 and $600 for married couples.

The incentive applies to cash contributions made in 2020 and can be claimed on tax forms next year. The law also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the law raises the annual limit from 10 percent to 25 percent.

For more, see https://insidecharity.org/2020/03/28/cares-act-for-nonprofits/

While we are not tax experts and we encourage you to seek professional advice, we hope you’ll consider the positive impact that your charitable contributions to the non-profit sector will have for years to come. Many thanks for your caring support.

Please contact Andrea Angelo, Director of Development and Marketing, at andrea.angelo@bookspring.org or 512 472-1791 ext.104, to discuss how your gift can make a difference in the lives of so many.

Tax benefits of the CARES Act
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Tax benefits of the CARES Act

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