The CARES Act and YOU!

Is your tax-free stimulus payment provided by the CARES Act in the bank? If it is, that's fantastic! If you need to track your payment, you can do that here: https://www.irs.gov/coronavirus/get-my-payment.
 
Did you know that the CARES Act provides another tax benefit that helps both you and your favorite public charity?
 
A new tax deduction is available for charitable giving in 2020. Up to $300 per individual ($600 for a married couple) is deductible without itemizing on your 2020 tax return! This means that you can reduce your taxable income (and income tax) while supporting the students and programs of Idaho State University. This deduction is available only to gifts to qualified charities, like Idaho State University Foundation. 
 
If you do itemize, you have higher limits on the amounts you can deduct. Individuals can elect to deduct cash contributions up to 100% of their 2020 adjusted gross income when they itemize. This is up from last year's usual limit of 60%. Corporations can deduct up to 25% of taxable income, up from the previous limit of 10%. These limits apply only to gifts to public charities: the old limits apply to gifts to private foundations and gifts to Donor Advised Funds. If your assets are substantial enough that you can give more than your income this year, you won't lose the deduction for the excess amount. You can carry it forward to the next year, just like in years past.
 
To learn how your gift will benefit your tax situation, please contact your tax adviser. To learn how your gift will make a lasting difference to our students, contact us! We are ready to help you make a difference.

IDAHO STATE UNIVERSITY FOUNDATION

921 South 8th Ave, Stop 8050
Pocatello, Idaho, 83209-8050