Cares Act Charitable Giving Incentives

Cares Act Charitable Giving Incentives

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 and check with your tax professional.

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