As we near the end of the year and enter a season of holiday cheer and charitable giving, we wanted to share a few ways that you can maximize your gift to your favorite nonprofit this year. The CARES Act passed earlier this year for COVID-19 pandemic relief impacts year-end giving in the following ways:
- A new charitable deduction is available to individual taxpayers who do not itemize their deductions. This benefit allows for a charitable deduction of up to $300 per individual as an above-the-line deduction against adjusted gross income.
- For those who itemize, the CARES Act increases the adjusted gross income limitation from 60% to 100%.
- For corporations, the CARES Act increases the adjusted gross income limitation from 10% to 25%.
To qualify for these increased limits, your charitable contribution must be made in 2020.
Click here for more information on how you can maximize your gift to Grassroots.