Included in the 880 pages of the CARES, Coronavirus Aid, Relief, and Economic Security) Act is a section on "Enhanced Tax Benefits for Charitable Gifts. These benefits include:
- $300 Deduction of Cash Contributions: Allows up to $300 of cash contributions to charities, regardless of whether the individual itemizes deductions.
- Changes to Limits on Charitable Contributions:
- Individuals: For those who itemize their deductions for charitable giving, the 50% of adjusted gross income limit is suspended for 2020.
- Corporations: The 10% limit on charitable contributions is increased to 25% of taxable income.
