CARES Act & $300 Charitable Donations Cares Act

So much has happened in the last few months.  Fortunately the outcome of certain legislation is for the benefit of nonprofit organizations.  The CARES Act added a special benefit for donors of nonprofit organizations.  For 2020 any taxpayer can donate up to $300 to a 501c3 nonprofit organization and receive a 100% deduction on their taxes.  In the past this was a 50% or 60% deduction and less than 10% of taxpayers would even qualify for a tax deduction for donations. In the past only taxpayers who itemized their taxes could receive the deduction.  Donations over $300 from an individual wouldn’t be eligible a 100% deduction in 2020.

NOTE:  I’m not an accountant.  Taxpayers have differing situations and should consult with an accountant about their tax liabilities and benefits.

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