“It doesn’t matter if you take the standard deduction, or if you itemize your tax returns,” says Matthew Plaisted, Thomas Aquinas College’s Annual Fund director. “If you give to TAC in calendar year 2020, you stand to achieve significant tax savings.”

In response to the economic fallout of COVID-19, Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act earlier this year. Among the act’s provisions are measures designed to encourage gifts to non-profit organizations, such as Thomas Aquinas College, which have incurred higher costs due to the pandemic.

Matthew Plaisted, director of the annual fund
Matthew Plaisted
Director of the Annual Fund
“The CARES Act includes incentives for both those taxpayers who itemize their returns and those who do not,” says Mr. Plaisted. “Taxpayers who itemize will be allowed to deduct all charitable contributions that they make, up to 100 percent of their Adjusted Gross Income. And taxpayers who claim the standard deduction will nonetheless be permitted to deduct up to $300 in charitable contributions.”

With the year’s end fast approaching, the College’s friends and alumni may want to take advantage of this tax-saving opportunity.  “Many of our benefactors choose to make generous gifts during the Advent and Christmas seasons,” says Mr. Plaisted. “If you are one of them, be sure to make yours by December 31!”