Ways To Give
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (S. 748) provides a significant Charitable Giving Incentive. The bill includes a new above-the-line deduction (universal or non-itemizer deduction that applies to all taxpayers) for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. Section 2204. The bill also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent.*
*Please consult with your professional tax advisor on the potential tax benefits of your gifts.