CARES Act offers Goodwill Donors 2020 tax incentives

PUNTA GORDA, Fla. - April 3, 2020 - PRLog -- Thanks to nationwide advocacy, nonprofits were included in the recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Act provides significant economic relief opportunities for social support programs, among many other things. Goodwill Industries of Southwest Florida (SWFL) is one of the nonprofits providing social support programs in the local community that will benefit from the CARES Act, most significantly by the charitable giving incentives passed in the Act.

Incentives for those who offer charitable donations for the 2020 tax year may be the much needed "light at the end of the tunnel" to overcome the setbacks experienced by the COVID-19 pandemic.  Goodwill SWFL voluntarily closed most of their retail stores, the source of the majority of their funding, in response to the situation.

The CARES Act includes an above-the-line deduction (universal or non-itemizer deduction that applies to all taxpayers) for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. The bill 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 bill raises the annual limit from 10 percent to 25 percent.

Goodwill SWFL funds most of their community support programs through selling donated goods in their Retail and Donation Centers throughout the five-county area of Southwest Florida (Lee, Collier, Charlotte, Glades & Hendry counties). With the new tax deduction credits, Goodwill SWFL is trusting this will result in increased giving from the community. Though the retail stores are closed, Goodwill SWFL is still accepting donations at limited donation locations, and taking extra steps to safely process them until they can reopen for business.

Charitable donations can also be financial gifts. Those wishing to help continue the good work Goodwill does are asked to visit www.GoodwillSWFL.org.