Special 2020 Tax Incentives

 

 

CARES Act Tax Benefits in 2021

Coronavirus Aid, Relief, and Economic Security (CARES) Act included special incentives and tax benefits

CARES Act provisions signed into law in March 2020 have been extended through the end of 2021. If you use the standard deduction, you can take an additional $300 deduction for cash gifts to ArtsMemphis. Individual donors can deduct up to 100% of adjusted gross income (AGI) for gifts of cash. Prior to the CARES Act, the limit was 60%.  Additional “above-the-line" deductions for those married and filing jointly will extend into the 2021 tax year with a cap of $600 for charitable contributions.

And, as in previous years, you can also receive a charitable income tax deduction when you donate appreciated securities. For details, consult with your financial advisor.

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