For the 2020 tax year, donors who do not itemize can take a $300 above the line deduction for qualified charitable contributions to organizations like Heroes on the Water. This deduction is available to all taxpayers that take the standard deduction on their 2020 return. Individuals can elect to deduct cash contributions, up to 100% of their 2020 adjusted gross income, on itemized 2020 tax returns. This is up from the previous limit of 60%. We appreciate all our donors, and hope you will donate in 2020 to take advantage of this CARES Act benefit while supporting our mission.
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