Purchase Hidden History of Clinton, Iowa
Taken From By Rene Gellerman, President & CEO of the United Way of the Quad Cities
CARES ACT BENEFITS FOR TAX FILERS IN 2021The passage of the CARES Act made it easier to help the community by giving to the United Way of the Quad Cities and other local charities providing critical services during this health & economic crisis.
Here is the tax benefit break down for those taking standard deductions, itemized deductions and corporate giving:
For people who take the standard deduction, the CARES ACT allows you to take a tax deduction for contributions made to qualified charitable entities up to $300 per year starting in 2020 – this deduction is “above-the-line.” The 2020 Standard deduction is $12,400 for individuals and $24,800 for married couples filing jointly. Therefore, any donation to qualifying charities of up to $300 will be added to the standard rate of deduction. This deduction applies for 2020 and beyond.
For people who file for itemized deductions, the CARES ACT allows you to take a tax deduction of up to 100% of your Adjusted Gross Income (AGI) for contributions to qualifying charities starting in 2020. The new law temporarily lifts the limits on charitable giving from 60% of a taxpayer’s AGI to 100% for 2020.
For corporate donors, the CARES ACT allows an entity to take a tax deduction of up to 25% of their Adjusted Tax Income for contributions to qualifying charities starting in 2020. The new law temporarily lifts the limits from 10% of adjusted taxable income to 25% for 2020.
The Sawmill Museum is owned and operated by the Midwest Lumber Museum, Inc., a private, non-profit corporation. All gifts to the Museum are fully tax-deductible as allowed by law.
Buy A Membership
Membership is $80 and covers 6 family members. After purchase, the museum will reach out to you with paperwork. Membership would not start until we reopen.
Regular admission is $6 for adults (12 & up) and $5 for children (4-12). After purchase, the museum will reach out to you with papewrok.