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Cares Act

As you may know the Cares Act was recently signed to help businesses, citizens and nonprofits through this uncertain time that we face. 

The bill includes a new above-the-line deduction for total charitable contributions of up to $300. 

The incentive applies to contributions made in 2020 and would be claimed on tax forms next year in 2021. 

The bill also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent.