Palm Beach Symphony and the Cares Act: what it means for South Florida’s premier orchestra?

April 30, 2020

Palm Beach Symphony and the Cares Act: what it means for South Florida’s premier orchestra?

The CARES Act has provided some unique short-term tax-savings opportunities for philanthropic individuals and businesses in 2020.  We hope you will continue to consider the Palm Beach Symphony as you make your charitable giving decisions.

For individual donors and couples, charitable deductions are usually deducted only as itemized deductions and are subject to caps.  In 2020, if a person takes the standard deduction instead of itemizing they may make a $300 ($600 for a married couple filing a joint return) contribution that is deducted "above-the-line" on their tax returns, meaning that they have the ability to deduct a contribution even if they do not itemize deductions.  If the person does itemize, cash contributions to public charities are now UNLIMITED and not subject to the usual caps on deductibility.

With respect to corporate donors, the Act raises the corporate annual limit on charitable contributions from 10% to 25% of taxable income. The cap on food donations from corporations increases from 15% to 25% of taxable income.

For more information, please click here to refer to the resource on the CARES act provided by Symphony sponsors PNC bank.

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