© 2021
background_fid.jpg
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

2020 CARES Act Increased Charitable Giving Tax Breaks

scbr wide

The CARES Act of 2020 brought financial relief to many individuals and companies during the pandemic but it also introduced a new tax incentive for charitable giving that you may not have heard about. Our next guest says that now cash contributions to certain charities could significantly lower your tax bill. He also says the Biden administration has several proposals under consideration that could increase your taxes.

Mike Switzer interviews Doug English, a certified financial planner with ACT Advisors in Greenville and Charleston, SC.

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.