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Important Information On New Tax Advantages For Charitable Donations Continue Reading

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was established in 2020 in response to COVID-19 and there are several important implications for charitable giving:

• The CARES Act allows for an additional deduction for charitable gifts made in cash of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction.
• The adjusted gross income (AGI) limit for cash contributions was increased for individual donors. For cash contributions made in 2020, you can now elect to deduct up to 100% of your AGI (increased from 60%) resulting in tax savings.
• Increased Deduction Limits for Corporations: The contribution limit for corporations has been raised to 25% for cash contributions this year.
• Under the CARES Act an individual can elect to deduct 100% of their adjusted gross income (AGI) for charitable contributions. This effectively affords individuals between the ages of 59½ and 70½ benefits similar to a qualified income distribution: You can take a cash distribution from your individual retirement account, contribute that cash to charity, and this may completely offset taxes attributable to the distribution by taking a charitable deduction in an amount up to 100% of your AGI for the tax year.

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