Main Street Waterloo is a non-profit, volunteer driven organization that is dedicated to maintaining and enhancing the vitality of our downtown center.
The organization is able to support downtown businesses, hang flower baskets, decorate for the holidays, host events and more because of the generosity of our community.
Main Street Waterloo
is asking the community to come together and challenging 100 people to donate $100 to make our community stronger.
100 FRIENDS OF
MAIN STREET WATERLOO
THANK YOU TO ALL WHO HAVE CONTRIBUTED!
Section 2204 of the CARES Act provides that taxpayers who do not itemize deductions may take an above-the-line deduction on their 2020 return for qualified charitable contributions in an amount not to exceed $300.
Modification of limitations on charitable contributions
Section 2205 of the CARES Act temporarily suspends the 60 percent AGI limit for cash charitable contributions that can be deducted by individuals. In 2020, individuals may deduct qualified contributions in an amount up to 100 percent of AGI. The deduction limit for cash charitable contributions for corporations is increased for 2020 from 10 percent of taxable income to 25 percent of taxable income for qualified contributions. Qualified contributions do not include contributions to a donor advised fund. The law also provides that a corporation can take a deduction in amount up to 25 percent of taxable income for donations of food inventory to charitable organizations in 2020. The food must be used for the care of the ill, needy, or infants. The usual deduction limit for these contributions is 15 percent.