COVId-19 Impact on GIVING

giving changes due to the 2020 CARES Act

Individuals who take the standard deduction will be able to deduct charitable donations of cash up to $300 in the year 2020.

MORe INFO: SUMMARY OF BENEFITS | CARES ACT | QUALIFYING CONTRIBUTIONS

For individuals who already itemize and deduct charitable gifts, the limit on charitable deductions of cash has been raised from 60% of AGI to 100% of their AGI.

MORe INFO: SUMMARY OF BENEFITS | CARES ACT | QUALIFYING CONTRIBUTIONS

In 2020, businesses may take a charitable deduction or make charitable donations of food up to 25% of their taxable income to 501c3 organizations.

MORe INFO: SUMMARY OF BENEFITS | CARES ACT | QUALIFYING CONTRIBUTIONS