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The CARES Act added a new $300 charitable contribution deduction for 2020. Here's what you should know | Deduction, Tax refund, Charitable contributions
cnbc.com
$300 Charitable Donation Tax Break
The CARES Act, which went into effect this year provides a new above the line deduction for charitable giving. You are now allowed to write off up to $300 in cash donations on your 2020 tax return even if you don't itemize deductions. In previous years, this was not permissible & many of the donations made for standard deduction filing taxpayers went missed. This change offers every taxpayer the ability to see a tax benefit for their contributions to charitable causes. #taxes#money…