The CARES Act adds a new $300 charitable contribution deduction for 2020

November 4, 2020

Since many taxpayers in America take the standard deduction – meaning that they do no choose to itemize due to certain reasons – charitable donations are not necessary a big consideration when it comes to tax time. However, due to the CARES Act, things will be slightly different for 2020.

Due to the federal coronavirus relief legislation, taxpayers are now able to take advantage of a new deduction for donating to qualifying charities. Americans will now be able to deduct up to $300 for individual filers and up to $600 for married couples –  this applies even if they do not choose to itemize.

Call Jose Escalante at 520-615-4794 to see if your charitable contributions qualify.

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