2020 Major Tax Benefits to All Donors
The Coronavirus Aid, Relief and Economic Security (CARES) Act increased tax incentives for both individuals and corporations on charitable gifts of any purpose made to qualified nonprofits in the 2020 tax year.
Individuals: For cash contributions made in 2020, you can now elect to deduct up to 100% of your Annual Gross Income (AGI). For non-itemizers, the CARES Act allows for an additional deduction of up to $300 in 2020 charitable cash donations above the standard deduction for individuals and up to $600 for married-filing-jointly taxpayers.
Corporations: Cash contributions up to 25% of taxable income can be deducted (an increase from 10%).
