CARES Act Tax Deductions

CARES Act Tax Deductions

Coronavirus relief act enhances charitable gift options and tax deductions

The recently passed CARES Act will allow individuals to take a qualified charitable contribution deduction of up to $300 against their adjusted gross income in 2020, whether they itemize their deductions or take the standard deduction. Normally, tax returns that use the standard deduction do not receive a tax deductions for charitable contributions. This is a temporary change for the 2020 tax year.

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