The CARES Act offers good incentives to those willing to give this year, especially those considering a major gift:

• High-net-worth households may deduct charitable gifts (cash only) up to 100% of their adjusted gross income, effectively eliminating their federal tax liability in 2020.

• Non-itemizing donors with more modest incomes (about 90% of all households) can claim a deduction for up to $300 in charitable giving for individuals, $600 for married couples.

• The rules around the qualified charitable deduction, which allows individuals over 70½ years old to donate up to $100,000 in IRA assets directly to charity, without taking the distribution into taxable income, have been maintained.