CARES Act’s Impact on Giving
Did you know? The CARES Act includes several charitable tax provisions to encourage giving. These include:
- A new deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a gift to a non-profit like Florida Southern, you will be allowed to take a special tax deduction, up to $300, to reduce your tax liability.*
*If you are married filing jointly, the deduction is per couple, not per person.
- An increase in the deduction limit up to 100% of a donor’s annual income for case gifts (previously the deduction was capped at 60% of annual income). If you make a gift, you will be able to deduct more this year.
Talk to us about donations of bequests, retirement assets, stocks and bonds, real estate, beneficiary designation gifts, and insurance. As always, please consult with your tax advisor.