The 2020 Cares Act & Positive Changes for Your Charitable Contributions
For those of you who live in the United States, as you approach Giving Season and are thinking about donating, we wanted to make you aware of some significant changes to charitable contributions and your taxes. In light of the pandemic and its devastating effects, more and more people want to help out those affected. Knowing this, lawmakers included significant changes to the 2020 CARES Act, which was signed into law on March 27, 2020, to encourage charitable giving. As you begin your year-end tax planning, it is important to be aware of these key changes.
As always, because of the complexities of tax law surrounding charitable contributions, it is best for you to seek professional tax advice when contemplating a sizable gift.
For more information related to these tax changes refer to https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions.
We hope this helps you plan ahead for #GivingTuesday, December 2, and through the rest of December.