The Winnebago Area Literacy Council (WALC) strengthens our diverse community
by developing and delivering free learner-centered literacy programs for adults and their families.
Did You Know? The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides tax relief for charitable donors.
New Deduction: Allows up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is available to people who take the standard deduction and is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thereby reduce taxable income. A donation to a donor advised fund (DAF) does not qualify.
New Charitable Deduction Limits: Individuals that itemize can elect to deduct donations up to 100% of their 2020 AGI (up from 60% previously). Corporations that itemize may deduct up to 25% of taxable income (up from 10% previously. The higher deduction does not apply to donations directly to a DAF.
Consider making a charitable donation today to continue strengthening our community! DONATE