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Changes from the Coronavirus Aid, Relief and Economic Security (CARES) Act have provided increased tax incentives for charitable giving in 2020. Cash contributions by individuals to public charities can now be deducted up to 100% of your adjusted gross income if you are itemizing deductions (up from 60% in 2019). If you are not itemizing and use the standard deduction, the CARES Act allows for an additional one-time “above-the-line” deduction for charitable gifts made in cash to qualified charities of up to $300 ($600 for married filing jointly).
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