Did You Know?
The CARES Act means that charitable contributions this year carry more deductions than at any other time. Full details here.
1. The CARES Act creates a new above-the-line deduction for you and for all taxpayers for total charitable contributions of up to $300. The incentive applies to cash contributions made in 2020 and can be claimed on tax forms next year.
2. The law also lifts the existing cap on annual contributions if you itemize, raising it from 60% of adjusted gross income to 100%.