How The CARES Act Impacts Charitable Giving

As we quickly approach the fourth quarter, year-end tax planning and charitable giving are often discussed with our clients. The CARES Act has expanded charitable giving opportunities for this year. For instance, a new “above the line” charitable deduction is available this year (up to $300 for single, $600 for married filers) even to those who claim the standard deduction. This article by Schwab Charitable highlights the specific changes for 2020, along with some strategies to consider for those who are charitably inclined. Please reach out directly to us if you would like to discuss how these strategies can enhance your charitable giving.