Charitable Giving Incentives as a Result of COVID-19.
To encourage charitable giving during the pandemic, The Cares Act has created a number of tax incentives, including an "above the line" universal deduction of $300 per taxpayer for cash charitable contributions in 2020. You can claim the deduction on your tax return next year without itemizing. Additionally The Care Act has increased tax deductible cash donations from 60% to 100% of AGI (Adjust Gross Income). For businesses, the new law also increases the limit on the deduction for cash charitable contributions from 10% to 25% of a corporation's taxable income. Please check with the IRS or your tax advisor to learn more. Thank you for supporting CASA of Central Oregon!