Cares Act 2020 Deduction Changes

Due to the CARES Act, this year you don’t have to itemize to take a charitable gift deduction. You can take an above-the-line deduction of up to $300 of cash contributions to charities. The Act also changed charitable contribution limits. The 60% of adjusted gross income limit for cash gifts is suspended in 2020 for individuals who itemize deductions, and for corporations, the limit on charitable contributions was increased from 10% to 25% of taxable income.

Please keep us in mind during your year end giving and donate now! Click Here to donate!