Did you know the CARES Act created new tax advantages? Taxpayers who don't itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2021 to qualifying organizations. For individual taxpayers who plan to itemize deductions on their 2021 tax return, the 60% of adjusted gross income limit that normally applies to cash contributions is waived. For corporations, the adjusted gross income limit for cash contributions was also increased. Corporations can now deduct up to 25% of taxable income (an increase from 10%). Be sure to check with your tax advisor to ensure these benefits apply to you. 