2020 Tax Perk for Nonitemizers
Nine out of 10 taxpayers are nonitemizers, meaning they use the standard deduction instead of tallying up their charitable gifts, mortgage, interest, real estate taxes and the like. They do this for the larger deduction; but, as a result, they receive no tax benefit for charitable giving. However, the recent stimulus law allows nonitemizers to deduct up to $300 for cash donations to charity.
Formation and Tax Exempt Status
CCF was formed as a not-for-profit corporation under the laws of the State of Kansas on June 9, 2005, and obtained recognition from the Internal Revenue Service as a tax-exempt entity described under 501(c)(3) of the Internal Revenue Code in a determination letter dated June 8, 2006. CCF is therefore exempt from federal income tax payment requirements under Section 501(a) of the Internal Revenue Code to the extent permitted therein.