Cares Act Charitable Contribution for 2020
- The CARES Act, which went into effect this spring, established a new above-the-line deduction for charitable giving.
- You can write off up to $300 in cash donations on your 2020 income tax return, which you’ll be filing next spring.
- Normally, you’d have to itemize deductions to write off charitable giving when you file your taxes. According to the IRS, about 14.8 million households took a tax break for donating to charity in 2018.
Learn more HERE.