What the CARES Act means for your giving
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed into law. The $2.2 trillion economic stimulus package broadly assists businesses, state and local governments, and individual taxpayers alike to weather the economic hardships resulting from the COVID-19 global pandemic.
Highlights of the legislation include tax rebates, extended unemployment benefits, easier access to business loans, and support for distressed industries and healthcare providers.
But the Act also includes numerous benefits for charitable givers, including an expanded charitable deduction for cash gifts made in 2020 to churches and public charities, a waiver of required minimum distributions (RMDs) from retirement accounts.
But it also provides an amazing opportunity for those desiring to give more this year. Download the CARES Act PDF.
100% AGI Giving: A once-in-a-lifetime opportunity
Although this year has presented unprecedented challenges for us all, it has also created exciting new opportunities for generous people to maximize your charitable giving and, in some cases, give more than you ever dreamed possible. Under the CARES Act, you may be able to give and deduct up to 100% of your adjusted gross income (AGI).
If you itemize deductions on your income tax returns, you can deduct charitable cash gifts up to 100% of your AGI this year and may eliminate (or significantly reduce) your federal income taxes. Learn more about 100% AGI giving.
Using our business to fund charities has transformed the way we look at our resources and how we honor God with everything we have.
