Federal CARES Act Tax Benefits Extended

2021 gifts are still 100% deductible up to $300 for individuals and $600 for married individuals filing jointly who do not itemize contributions. 

Deduction limits for larger gifts (cash only) have increased from 60% to 100% of adjusted gross income for 2021 charitable contributions.  Donors who use this provision must inform the IRS. Contributions made in excess of total AGI may be carried forward for up to five additional years.

Corporate giving, normally limited to 10% of taxable income, will continue to be increased to 25% for 2021 gifts.