The recent U.S. Stimulus includes some new benefits for donors that make charitable gifts during this unique time:
1. Individuals can now claim up to $300 in cash gifts made to charities this year as a deduction from their gross income if they take the standard deduction on their 2020 tax return, which can reduce their amount of taxable income.
2. For those who itemize, the law lifts the cap on annual giving from 60% of adjusted gross income to 100%.
3. For corporate charitable giving, the law raises the annual limit from 10% to 25% of taxable income.