In response to the current situation, Congress recently enacted several tax law changes. We offer these resources to help you with your tax planning and to offer some ideas for you to consider if you are thinking about making a gift in support of your church or some other ministry.
CARES ActThis recently passed law includes several charitable tax provisions to encourage giving. These include:
- A new deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a gift to charity, you will be allowed to take a special tax deduction, up to $300, to reduce your tax liability.
- An increase in the deduction limit up to 100% of a donor’s annual income for cash gifts (previously the deduction was capped at 60% of annual income). If you make a gift you will be able to deduct more this year.