Click the resources below to read information about how the 2020 CARES Act has made changes for charitable giving. Thanks for supporting Rescue MIssion of Mahoning Valley.
What the CARES Act means for your charitable giving to Rescue Mission of Mahoning Valley this year!
(Highlights from link above)
Are you itemizing deductions?
“The adjusted gross income (AIG) limit for cash contributions was increased for individual donors. For cash contributions made in 2020, you can now elect to deduct up to 100 percent of your AGI (increased from 60 percent).”
“The CARES Act allows for an additional, “above-the-line” deduction for charitable gifts made in cash of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction!”
More helpful links:
Please consult your financial planner for more information.