Good News for Donors!
The Coronavirus Aid, Relief and Economic Security (CARES) Act institutes a new charitable deduction of up to $300 for 2020. This new deduction is not an itemized deduction and can be taken regardless of whether the donor itemizes deductions. Donors who take the standard deduction can qualify for this “above line” deduction. CARES eliminates the deduction limit for 2020 on charitable contributions for individual taxpayers who itemize deductions by raising the deduction cap from 60% to 100%.