CARES Act Expands Charitable Giving Tax Deductions
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. It is a $2 trillion stimulus package to provide immediate relief to ease burdens caused by the pandemic. Among the provisions are several designed to inspire charitable giving.
We know these are trying times right now and while we are all in this storm together, we each weather the storm differently. If you are in a position to give at this time, we ask that you consider supporting Audio-Reader. Thousands of listeners depend on Audio-Reader daily for news and information to keep them connected with their community. While often struggling with feelings of isolation, our listeners find comfort and solace in the human-voice readings of newspapers, magazines, books and more, provided for free, at all hours of the day. Thank you for your support in sharing the "gift of sight through sound." Click here to make a secure gift to Audio-Reader.
CARES Act Charitable Giving Incentives (credit to the AFP Global website):
- —Taxpayers who do not itemize their deductions can take a one-time deduction of up to $300 for gifts made to charitable organizations. The provision is intended only for the year 2020; however, in the text of the bill, it states taxable years “beginning in 2020 …” and does not include a sunset date, thus it conceivably could extend beyond 2020. The deduction is ONLY for gifts of cash made in calendar year 2020 and does not cover other types of gifts or contributions made to donor-advised funds or private foundations.