How The CARES Act Impacts Charitable Giving
This recently passed law includes several provisions to encourage charitable giving including:
- A new deduction for donors who do not itemize when filing their tax returns. If you do not itemize but make a cash gift to qualified charities like Bradley Hospital, you will be allowed to deduct up to $300 per taxpayer ($600 for a married couple) to potentially reduce your tax liability.
- An increase in the charitable deduction limit up to 100% of a donor’s adjusted gross income for gifts. Previously, the deduction was capped at 60% of annual income. If you make a gift to support Bradley Hospital you may be able to deduct more this year than in previous years.