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.