The economic stimulus and coronavirus relief packages that recently passed Congress include measures that provide many donors with greater flexibility in their charitable giving.
The CARES Act included a new universal deduction for charitable contributions of up to $300 for individuals who do not itemize deductions. For itemizers, the law also lifts the existing cap on annual contributions, raising it from 60 percent of adjusted gross income to 100 percent. The incentive applies to cash contributions made in 2020 and can be claimed on tax forms next year. Please consult your tax advisor for more information.