Many nonprofits depend on year-end giving to survive, and this year those donations will be more important than ever as many fund-raising events have been either cancelled or are taking place virtually, often with reduced success. If you are in a position to be exceptionally generous with your charitable donations, the CARES Act passed in March provides a unique, though brief, opportunity.
For just this year, individuals may deduct cash gifts to qualified charitable organizations up to 100 percent of their adjusted gross income. Corporations have a similar opportunity, although their deductible donations are capped at 25 percent of their taxable income.
These tax breaks expire on December 31, so plan now if you want to take advantage of these and other tax benefits afforded by the CARES Act. And be sure to consult with your financial advisors to ensure that your desired level of giving makes sense in your overall financial picture.
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