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Charitable Giving Incentives

 

The CARES Act includes three incentives to encourage charitable giving:

  • A temporary universal deduction that applies to non-itemizing taxpayers for cash charitable contributions in 2020 up to $300.
  • The existing cap is lifted on annual cash contributions for those who itemize, raising it from 60% of adjusted gross income to 100%.
  • For corporations, the law raises the annual AGI limit from 10% to 25%. Food donations from corporations are available to 25% of AGI, up from 15%.
  • While gifts to donor advised funds are excluded from these charitable giving provisions, donations to other funds at community foundations such as Agency Funds, Field of Interest Funds like the COVID-19 Response Fund and other regional COVID efforts are eligible, along with direct gifts to nonprofit agencies.

We're grateful for you and your partnership as we strive to serve vulnerable women during this uncertain time. If you would like to donate click below: