frequently asked questions

How the CARES Act Impacts Your Giving

On December 28, 2020, the CARES Act was renewed for 2021– and certain provisions in this Act encourage you to increase your giving this year by increasing charitable deduction thresholds.

Increased Charitable Deduction Threshold

If you itemize your deductions, you can continue to deduct charitable gifts like before, but you now get a special deduction for cash gifts made in 2021 to churches. With this special deduction, you’re able to deduct up to 100% of your adjusted gross income (AGI) in 2021.

Need More Information?

Contact your financial institution for more information on how to take advantage of this deduction before the year ends.