The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a number of specific changes that may impact your financial charitable giving strategy.
Among the changes in the CARES Act: a $300 above-the-line charitable deduction for those taking the standard deduction. In addition, the adjusted gross income (AGI) limit for charitable donations has been repealed.
Learn more about the specifics behind these changes from Katie Villegas, CFP®, CSRIC™, and financial advisor at Old Peak Finance:
Many people have donor-advised funds. A DAF is typically invested in a mix of stocks, bonds and cash pending awards to a non-profit. Consider using bonds or cash, not stock, when you make donations from your DAF, in light of recent stock market declines. Contact us if you have questions about your Donor Advised Fund or charitable giving. We are here to help you.