OUR IMMEDIATE NEED
How YOU can Everyman Theatre during this challenging time.
As the global pandemic closed in around Baltimore, Everyman Theatre made the heartbreaking decision to close our doors hoping that it would only be for a couple of weeks. Time has gone by and we still remain separated from you, our incredible community of artists and advocates.
While we wait for time that we can gather again, we remain dedicated to bringing LIVE theatre back to Baltimore. We have committed to keeping our full-time staff of local artists and professionals employed during this extremely challenging period.
Our staff, teaching artists, and Resident Company Members continue to engage the community through virtual summer camps, adult learning opportunities, and engaging virtual experiences.
Your support is needed NOW MORE THAN EVER. The CARES Act has also created some new tax incentives for gifts to 501(c)3 organizations (see below).
Donate today to keep live theatre in Baltimore!
New IRS guidelines as part of the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed on March 27, 2020 made several changes to tax law for both businesses and individuals. One important change relates to increasing an individual’s eligibility to deduct charitable contributions. This was done to encourage increased giving to nonprofits particularly during the pandemic.
If you take the Standard Deduction you are now eligible to deduct up to $300 of contributions in computing your Adjusted Gross Income for cash contributions made in the current tax year.
If you Itemize your deductions you will be able to deduct contributions up to 100% of your AGI for cash contributions made in the current tax year. No more than 40% of 2020 charitable contributions may be made to private foundations, supporting organizations and donor advised funds. This new 100% limit is applied after considering all other Adjusted Gross Income limits on non-cash contributions/carryforwards. Any excess cash contributions not deducted in 2020 can be carried forward.
*This communication is prepared solely for informational purposes and should not be relied on as tax advice. Please consult your tax adviser for specific advice regarding the tax-deductibility of charitable contributions as it relates to your particular tax situation.