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Joe Diamond, CPA, CFP®, EA, MST


Diamond Financial Corporation

4256 North Arlington Heights Road, Suite 204

Arlington Heights, IL 60004


Phone: 847-884-8500




November/December 2020

New Charitable Giving Incentive

New Charitable Giving Incentive

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 deductions 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 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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