Ways to Give

Elements of the Coronavirus Aid Relief and Economic Securities Act, also known as the CARES Act, have been extended to 2021.

Did you know you can offset as much as 100% of your income with a gift of cash to one of our community colleges?

For the 2020 and 2021 tax years, you may deduct cash contributions to any of New Hampshire’s Community Colleges to offset up to 100% of your adjusted gross income (AGI). Ordinarily, the income tax charitable deduction for cash gifts is limited to 60%.

Contributions to donor-advised funds or supporting organizations are not eligible for this deduction.

Can I benefit if I don’t itemize my 2020 taxes?  

For individuals who do not itemize their tax deductions, the legislation for 2021 extends the $300 universal charitable deduction implemented in the CARES Act. It also allows twice the deduction for couples who file their tax return jointly. As a result, a couple in the 32% marginal tax bracket can save $192 in federal income tax on a $600 donation, for example.

Does the CARES Act offer charitable giving incentives for businesses?

Yes. Corporations can now deduct up to 25% of their taxable income (increased from 10 percent).