By Jerry Love, LBF Director of Planned Giving ALEXANDRIA, La. (LBM) - When Congress passed the CARES Act, it offered incentives to promote charitable giving that are being overlooked because of the emphasis given to the federal government’s $1,200 relief payments  to taxpayers and Payroll Protection Program forgivable loans to small businesses and nonprofits, including churches. But, the provisions relating to charitable giving are critically important to churches and other nonprofits because they encourage donors to give more. $300 AGI DEDUCTION For the 2020 tax year, filers may claim a $300 deduction for cash contributions to churches, ministry organization and other charitable organizations. This applies only to those who take the standard deduction when filing their tax returns. Those who itemize their deductions are not able to claim additional amount. There is some question as to the term of the provision, but it likely applies only to 2020 filing year (returns filed in 2021). The $300 deduction may seem like a relatively small amount, but it is an “above-the-line” deduction, meaning a taxpayer may subtract the amount from gross income to arrive at a lower “adjusted gross income” for the tax year. LIMITS … [Read more...]