New Tax Incentives expanded by the CARES Act
The CARES (Coronavirus Aid, Relief, and Economic Security) Act expands charitable giving incentives and allows taxpayers who take the standard deduction to make up to $300 of charitable contributions to qualified charities this year. You might think that this is a small amount and would not make a difference. But what if all of our donors gave “just” $300? Such donations would have a huge impact on those we support.
For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as Evergreen Life Services to be deducted up to 100% of your adjusted gross income for the 2020 calendar year. For corporations, the bill raises the annual limit from 10% to 25%.