Did you know the CARES Act provides for some great incentives for philanthropic giving?
Most of us don’t need any reason to give other than helping others, but the CARES Act created and/or increased incentives for individuals and corporations to give more to charity in 2020.
Individuals, whether or not you itemize, are able to receive tax deductions for charitable giving in 2020.
- Non-itemizers can receive a deduction up to $300 for charitable contributions.
- Itemizers can receive a deduction up to 100% of their adjusted gross income for charitable contributions.
Corporation tax deductions for charitable giving were increased, amplifying their charitable giving in 2020.
- Deductions for annual charitable contributions were increased from 10% to 25%.
- Deductions for annual charitable food donations were increased from 15% to 25%.
No matter what your reasons for giving, you now have tax incentives to give this year.
If you are able to give, please consider making a donation to one of our participating nonprofits during #Giving2sdayNow at https://cfcrawford.networkforgood.com.
Source: Coronavirus Aid, Relief, and Economic Security Act Cares Act (pub. L. 116-136) https://www.councilofnonprofits.org/trends-policy-issues/initial-analysis-of-the-coronavirus-aid-relief-and-economic-security-act-cares
Please note the Foundation is not a tax advisor, and you should always consult your tax professional or accountant for all your tax advice.