The CARES Act and Charitable Giving
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Itemized Deductions: The adjusted gross income (AGI) limit for contributions has been increased for individuals. You can now deduct up to 100% of your AGI (increased from 60%), for contributions made in 2020.
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Standard Deduction: The CARES Act allows for an additional deduction for charitable gifts up to $300. If you are not itemizing your 2020 taxes, you can claim this deduction.
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Business Contributions: The AGI limit for cash contributions was also increased. Businesses can deduct up to 25% of taxable income (increased from 10%).
OTHER WAYS TO SUPPORT: Prayers, Volunteer, CARS, Furniture, Donation Drives,
Bonds, Stocks, Mutual Funds, Planned or Estate Giving. Thank you.
