Extra tax incentives for charitable giving from the CARES Act in 2020
On December 29, 2020December 29, 2020
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Extra tax incentives for charitable giving from the CARES Act in 2020

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Now is a great time to make charitable gifts of cash and other assets that can also provide you tax benefits!

As 2020 comes to a close, it is important to note that there are extra tax incentives to charitable giving this year. The CARES (Coronavirus Aid, Relief, and Economic Security) Act and the SECURE (Setting Every Community Up for Retirement Enhancement) Act offers advantageous ways to leverage charitable giving through December 31, 2020. (All charitable gifts have to postmarked by this date. There is still time to donate online!)

People who itemize can deduct 100% of their charitable giving, and those who don’t, can deduct up to $300 individually or $600 per couple. Additionally, all charitable cash contributions, up to 100% of your adjusted gross income, are deductible this year.

Read a recent IRS Tax Tip here. All donations should be made in consultation with your financial advisor or tax preparer.

As we look forward to a fresh New Year, we humbly ask for your continued generosity and prayers in our work to deliver innovative, quality education in a Christian setting.