Did you know there may be additional tax advantages for your charitable donation given to Caridad Center with the passing of the 2020 Cares Act?
Below are a few of the benefits that are included in the Cares Act bill:
- New above the line total deduction for total charitable contributions up to $300 (cash contributions made in 2020 can be claimed on tax forms next year).
- The existing cap on annual contributions for those who itemize are raised to 100% of adjusted gross income (up from the previous 60%).
- Corporations annual giving limits are increased from 10% to 25%.
For more information on the Cares Act please visit insidecharity.org/2020/03/28/cares-act-for-nonprofit and check with your tax professional.
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