A new deduction for charitable giving went into effect this year through the CARES Act
Come next tax season, you may be able to take a new deduction for charitable giving! That’s because a partial above-the-line tax deduction went into effect this spring with the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
This means that, as long as you take the standard deduction, you can write off up to $300 in cash donations to charitable organizations, like The Children’s Home & Lemieux Family Center.
To qualify for the deduction, your contribution must be a cash donation (cash, check or credit card), not stocks or other assets, made directly to a charity.
Want to learn more about this new deduction and determine if you will qualify? Check out this article or talk with your financial advisor.
Ready to give back to The Children’s Home this season? Donate here.