The CARES Act: 2021 Provisions To Consider For Charitable Giving

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As long as the market remains strong and because the CARES Act is still in effect, 2021 is the year to consider making a significant charitable gift. However, first and foremost, always talk to your tax advisor before making any substantial charitable gift. Click here for an expanded list of 2021 year-end charitable giving opportunities. [Link to Constant Contact Email]

Whether you itemize on your income tax return will determine which charitable incentive you should take under the CARES Act. The CARES Act provides two provisions that encourage charitable giving during the year 2021:

  • Cash Gifts: Itemizers can deduct up to 100% against their adjusted gross income for cash gifts contributed to public charities in 2021.

  • Universal Charitable Deduction: For those donors who do not itemize on their tax return, individuals and married couples filing jointly can each claim a $300 above the line deduction for cash contributions made to public charities.

For those donors who do not itemize on their tax return, individuals and married couples filing jointly can each claim a $300 above the line deduction for cash contributions made to public charities. However, you may make a cash gift to the Community Foundation of Sarasota County to create:

  • Support for our time-tested and trusted Season of Sharing, which for more than 21 years has been providing a vital safety net assisting more than 38,000 families and individuals with the immediate basic needs necessary to stay in their homes and regain stability.
  • A designated fund (benefiting certain named charities over a course of time)
  • A field of interest fund (to support and benefit causes you care about)
  • A scholarship fund (to provide educational support to an individual)

The CARES Act charitable incentives expire on December 31, 2021.


Continue the conversation with Betsy Pennewill, Corporate Counsel, by calling 941-556-7152.

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Betsy Pennewill, JD

Corporate Counsel