Making the Most of a Year-End Like No Other

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  • Did you know that under the CARES Act, even individuals who do not itemized their income tax deductions can claim up to a $300 deduction for gifts of cash to a public charity in 2020? Encourage young adult and early career children and grandchildren to think about the causes they care about and make a gift before year-end. Small acts of giving repeated over time create habits of giving and have a real impact. Just think, if the 20 million households that are no longer giving were replaced by individuals making a $300 gift this year, giving would increase by $6 billion!
  • Thinking of a larger gift in 2020 but are concerned with deduction limits? The CARES Act also made it easier for individuals to make large cash gifts to public charities in 2020. The 60% of adjusted gross income limitation on the individual charitable income tax deduction has been increased to 100% in 2020, thereby effectively removing the limitation on deductions for qualifying charitable contributions.
  • Concerned with maxing out your corporate charitable income tax deduction? The CARES Act also increased the percentage limitation for charitable deductions for corporations in 2020, increasing the percentage of taxable income limitation from 10% to 25%.
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