The CARES Act
Signed into law in March for Covid-19 relief, the CARES Act included several provisions that encourage charitable giving in ways that reduce your tax liability:
- If you don't itemize (or are unsure of your tax plans), you can still deduct up to $300 of your charitable donations for 2020.
- If you do plan to itemize, you can now deduct donations equaling your entire adjusted gross income to nonprofits and charities.
Note: The information is offered for general informational and educational purposes. Not intended as legal advice. You should seek the advice of an attorney for application to your own situation.