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The CARES Act
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Individual Itemizers:

Givers who itemize deductions are able to increase giving to the church for cash gifts made in 2020. Unique to this year only, you are able to deduct up to 100% of your 2020 adjusted gross income.

Individual Non-Itemizers:

Givers who take the standard deduction are able to deduct up to $300 for cash gifts made in 2020, in addition to the standard deduction.

Corporations:

The CARES act also increases the limit on deductible corporate charitable gifts from 10% to 25% of the corporation’s taxable income. The additional 15% deduction is for cash gifts only.

*Please seek the advice of legal counsel, a qualified accountant and/or financial advisor to determine if any of these tax-advantaged strategies are appropriate for you and your individual income tax circumstance.