Universal Federal Tax Deduction
What is the Universal Federal Tax Deduction?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed on March 27, 2020 includes a NEW available Federal Tax Deduction for charitable contributions for Tax year 2020. The new law was designed to provide relief for nonprofits.
This is available only to people who do not itemize and take the Standard Deduction $12,400 (individual) or $24,800 (married, filing jointly). It is in addition to the Standard Deduction and is an “above the line” adjustment to income that will reduce the adjusted gross income, and thereby reduce taxable income. The new deduction is for donations up to $300 per taxpayer ($600 for a married couple filing jointly).
This is not the same as donating through the Arizona Charitable Tax Credit, which applies a credit to only your AZ State Taxes. This is a deduction for Federal taxable income.
Homeward Bound
2302 West Colter Street
Phoenix, AZ 85015
Mon – Fri: 9am to 4pm
Sat – Sun: Closed
Tel: (602) 263-7654
Fax: (602) 265-4006
Email: contact@homewardboundaz.org
We are a 501(c)(3) nonprofit
Our tax ID is 86-0660875
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Homeward Bound provides accessibility to information, participation, services and employment for handicapped persons. Information is available for the hearing impaired by calling 602.261.8899 (TDD). Homeward Bound will not share or sell any donor’s personal information with anyone else, nor send donor mailings on behalf of other organizations. It is the goal of Homeward Bound to implement equal opportunity policies for all applicants without regard to race, religion, color, sex, age, national origin, disability, sexual preference, familial status or veteran status. In addition, Homeward Bound is committed to providing program participation with reasonable accommodation to qualified applicants with disabilities.
