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Did you know that the recently passed CARES Act means more of your charitable donations to the YMCA are now tax deductible?

Universal Charitable Deduction: This deduction will allow all taxpayers to claim an above the line charitable deduction for cash donations up to $300 through December 31. Donations to donor advised funds and supporting organizations are not eligible for this deduction. 

Adjusted Gross Income Limitation: The law also lifts the cap on annual deductions for cash contributions for those who itemize, raising the cap from 60% to 100% of adjusted gross income. The cap for corporations has been increased from 10% to 25%. 


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