As Americans, we love giving back. In 2017 alone, we shelled out $410.02 billion in charitable donations – accounting for 2.1 percent of the GDP.1 With the 2020 holiday season officially upon us, it’s no surprise that our giving efforts are likely ramping up. And while donating to charities is an integral component of your core values, it can also be an important, strategic play in lowering your tax obligation.
This year, charitable contributions can count even more toward lowering tax bills for some. Thanks to the CARES Act, which passed in late March 2020 amidst the coronavirus pandemic, your giving could stretch even further this tax season.