The CARES Act & DPA
- Congress has passed new law that allows for an above-the-line deduction for charitable contributions of up to $300 (you don’t have to itemize to claim the deduction).
- If you do itemize your taxes, the cap is raised to 100% of adjusted gross income for 2020.
- Corporate donations were also raised from 10% to 25% for the annual limit in 2020.
We encourage you to talk with your tax professional and make sure you take full advantage of all the new allowances under the CARES act!