What Does the CARES Act Mean for Your Taxes and Charitable Donations?
Last updated: April 24, 2020, at 2:12 p.m. PT
Originally published: April 23, 2020, at 7:12 a.m. PT
We’re taking the things we do best and amplifying them in our community during this time of incredible uncertainty. We’re finding ourselves in uncharted waters while the demand for the services we provide through our Community Response Fund continues to grow. In order to continue the critical work in supporting first responders with free childcare, increasing our feeding programs, providing health checks-ins for seniors and continuing to house and support young adults, we need your help.
We also want to help you understand a few key provisions of the new CARES (Coronavirus Aid, Relief, and Economic Security) Act as you and your family as you consider your future gifts to the Y.
If you don’t itemize your taxes
The new law allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize. You might think that this is a small amount and would not make a difference. But what if all of our donors gave “just” $300? Such support would have a huge impact on those we serve.
With $300, together we can continue to provide emergency childcare for first responders, increase our hunger initiatives for children out of school, serve the teens who live in Y housing, and continue our outreach to our senior members.
If you do itemize your taxes
For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as the YMCA of Greater Seattle to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
We are so grateful for your generosity. Because of you, we're still here for those who need us the most. We can’t do this alone.
Connect with us on Facebook, Instagram and Twitter for updates on how just $300 from every donor could make a big difference!
The YMCA of Greater Seattle is registered as a 501(c)(3) non-profit organization. Our tax identification number is 91-0482710. Contributions to the YMCA of Greater Seattle are tax-deductible to the extent permitted by law. Please consult your tax advisor.