When individual music notes come together in just the right way, HARMONY is CREATED. The same is true when people from different backgrounds come together with a common interest. Barriers are broken down and a harmonious community can thrive. At Hochstein, we accomplish this through music and dance.
Did you know that the CARES Act encourages charitable giving by giving you a new tax deduction? It's a win-win!
The bill makes a new deduction available for up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is particularly beneficial to people who take the standard deduction when filing their taxes (taxpayers who do not itemize their deductions). It is calculated by subtracting the amount of the donation from your gross income. It is an “above the line” adjustment to income that will reduce your AGI, and thereby reduce taxable income.
To qualify, you would have to give a donation to a qualified charity (like Hochstein). If you have already made donations since Jan. 1st, those contributions count towards the $300 cap. (A donation to a donor-advised fund does not qualify for this new deduction, donations must be made directly to nonprofit organizations.)
To learn more about this provision in the CARES Act, please read Section 2204.