As a 501(c)(3) not-for-profit organization, we depend upon the contributions of many individuals and organizations in our community whose gifts allow us to create transformative experiences both on and off the stage. CATCO is Grateful.
The power of theatre to unite knows no boundaries. Whatever our backgrounds, whatever our circumstances, we all have the capacity to feel a sense of wonder, to be dazzled by the sights and sounds, to love, to laugh, and to cry. Live theatre performance draws out these emotions, and when we feel them, we feel them together.
Right now, our stages are dark. As much as we’d like to be here, together, sharing the joy of experiencing live performing arts, we’re stuck in a temporary intermission. But the lights will come back on, the arts will return, and we can all ensure that curtain rises again soon, together.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several provisions to help individuals and businesses who give to charity. The new law generally extends through the end of 2021 four temporary tax changes originally enacted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here is a rundown of these changes.
- Donors who take the standard deduction may also take an “above-the-line” deduction for up to $300 in charitable donations given in 2020. This effectively allows a limited charitable deduction to taxpayers claiming the standard deduction. For example, if you take the standard deduction and give $300 to charity, you will get a $300 tax break in addition to the standard deduction.
- For donors who itemize deductions, the limit on charitable deductions – generally 60% of modified adjusted gross income – doesn’t apply to qualifying cash contributions to public charities in 2021; instead the CARES Act allows taxpayers to claim a tax deduction of up to 100% of your Adjusted Gross Income for contributions to qualifying charities.
- These new deductions are only for cash gifts that go to a public charity, not to Donor Advised Funds or Private Foundations.
- For corporate donors, the limitation on charitable deductions, which is generally 10% of modified taxable income, doesn’t apply to qualifying contributions made in 2021. The new law temporarily lifts the limit from 10% to 25% of modified taxable income for 2021 filings.
Please consult your accountant or tax preparer for more information about these changes, and how they can help you with your charitable support, or click here to visit the IRS webpage about benefits.
It is a privilege to produce theatre for our thoughtful and engaged audiences, as you challenge us to do better, think deeper, and laugh louder. In turn, we hope that we inspire you to do the same.
By making a gift to CATCO today, you are supporting our mission to produce transformational high-quality theatre, foster local artists, and engage our community with outreach and education programs for students across central Ohio.
Please note: Benefits are cumulative with increased giving.