Watch Online

CARES Act

November 19, 2020

The CARES Act has some beneficial provisions for charitable contributions in 2020.
  • Individuals who itemize can make charitable contributions up to 100% of their adjusted gross income for 2020.  Excess contributions would be carried over for the next five years.
  • Individuals that do not itemize deductions can take a deduction up to $300 (plus the standard deduction) against their adjusted gross income in 2020 for charitable gifts of $300 or more.
  • There are additional provisions for corporate giving.  Normally, a corporation cannot deduct charitable contributions that exceed 10% of taxable income.  In 2020, that limit for charitable contributions of cash increases to 25%.
As always, please consult with your individual tax advisor for more details on your specific tax situation.
   

Tags: finances, give, financial, giving, act, cares, cares act, ehills give

Previous Page