Jerry Siver, CPCU

Licensed Insurance Advisor

 

Siver Insurance Agency, Inc.

P.O. Box 398, 125 Main St., South Lancaster, MA 01561

 

Phone:     978-368-8558

Toll Free: 800-696-8559 Ext. 217 

 

Email:  jerry@siverinsurance.com

November/December 2020

Increased Charitable Giving Incentives

During the COVID-19 pandemic, Congress recognized the need to boost charitable contributions. So, they included a section in the CARES Act to encourage Americans to open their wallets to those in need.


Their solution: A $300 “above the line” deduction. That means you can deduct up to $300 for cash donations to qualified charities – and you don’t have to itemize your expenses to do it.


This $300 deduction does not apply to contributions to donor advised funds. Nor does it apply to contributions of anything other than cash.

The CARES Act also raised the allowable limit on itemized cash donation deductions for charities from 60% to 100% of adjusted gross income. That means that you can actually donate up to an entire year’s AGI to charity, if you want – as long as you do it in cash.


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Investment Advisory Services offered through Siver Financial Services, a Registered Investment Adviser.
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