A couple of key provisions of the CARES (Coronavirus Aid, Relief, and Economic Security) Act were extended into 2021 (and, in one case, increased).
Tax Incentives When You Give to Charity
An expansion of the universal charitable deduction for cash gifts
The universal charitable deduction has not only been extended but given a well-deserved upgrade. The new deduction is $300 for single filers and $600 for married couples filing jointly. This is available to taxpayers who take the standard deduction. This tax incentive is available for cash gifts to qualified charities (but not to supporting organizations or donor-advised funds).
An extension of the cap on deductions for cash contributions
Contributions to public charities are generally limited to a percentage of a taxpayer’s adjusted gross income (AGI). The CARES Act lifted the cap on annual contributions for those who itemize, increasing it from 60% to 100% of AGI for 2020 (and now for 2021). Any excess contributions available can be carried over to the next five years. (For corporations, the law raised the annual limit from 10% to 25% of taxable income.)
We are very grateful to you for allowing us to be a part of your life because we make you laugh, make you think, and touch your heart. But, in reality, it is you that touches our heart. At the Palace we have grown over the years in our exceptional ability to provide high quality, engaging entertainment at very affordable prices, even as costs have increased. We do our best to keep production costs in check so that our community will benefit with enjoyable entertainment options close to home. We are able to do this because of your generous financial support. When you support the Palace with a financial donation you allow us to expand and grow, offering high-quality and often-challenging productions to amaze and entertain you.
Our goal is to offer you a completely satisfying interaction from the time you buy your tickets until you are on your way home after an evening of theatrical entertainment. Our vision is to provide youth – all inclusively – with a space to learn theatrical skills so they can use those skills to become more rounded, grounded, productive adults. Our pride rests in the result that everyone in the community benefits from the Palace Theatre!
When you donate to the Palace Theatre, you are donating to change the world, one show, one musical, one child at a time.
We also value the opportunity to use your donation to fund general operations which support and benefit everything we do.
Please consider an additional end of year gift to help keep theatre alive and growing in your community. You may donate via the buttons at the top and bottom of this page or call our office to give your donation, 512-869-7469 ext 1.