Cares Act Encourages Charitable Giving

Looking for more opportunities to support the HCC Foundation? Did you know the Cares Act encourages more charitable giving with a temporary universal charitable deduction and temporary suspension of AGI Limitations? The Temporary Universal Charitable Deduction a temporary, one-time, above-the-line deduction allows non-itemizing taxpayers to deduct charitable gifts of cash up to $300 in 2020. All taxpayers would be eligible to take the deduction, even people who use the standard deduction. The new deduction would not apply to non-cash gifts or to gifts contributed to donor-advised funds. The Temporary Suspension of AGI Limitations a temporary suspension lifts the Adjusted Gross Income (AGI) limitations on cash gifts for 2020, allowing individuals to deduct up to 100% of their AGI in cash gifts. Your generous support is very much appreciated. From the Hibbing Community College Foundation Board have a safe and happy holiday season!