The CARES Act and Charitable Giving

 

The CARES Act now allows for additional charitable giving than before. For those donors that itemize, their cash limitation to certain charities has jumped from 60% to 100% of the individual’s Adjusted Gross Income or AGI.
 
For those who do not itemize their deductions, the Act allows for $300 in cash contributions in order to receive an “above-the-line” deduction. All donations must be made in cash as opposed to stock.

In order to glean the necessary information to discuss with your CPA or tax expert regarding these new parameters for charitable donations, go to this Make-A-Wish site: https://wish.org/stimulus
Success in all your efforts,

John

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John R. Kinkead

Vice President of Wealth Advisement