October 15, 2020
The CARES Act: Provisions that Encourage Charitable Giving
Categories: Leadership,
- Cash Gifts: Itemizers can deduct up to 100% against their adjusted gross income for cash gifts contributed to public charities in 2020. The prior cap was 60%, so this is a major incentive for many individual donors looking to offset their taxes due with a sizable charitable cash gift in 2020.
- Universal Charitable Deduction: For those donors who do not itemize on their tax return, individuals and married couples filing jointly can claim a $300 above the line deduction for cash contributions made to public charities.
- A designated fund (benefiting certain named charities over a course of time)
- A field of interest fund (to support and benefit causes you care about)
- A scholarship fund (to provide educational support to an individual)
- Support for our time-tested and trusted Season of Sharing, which for 20 years has been providing a vital safety net assisting more than 35,000 families and individuals with the immediate basic needs necessary to stay in their homes and regain stability.