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Did you know that the CARES Act, a COVID-19 relief bill passed in March, implemented new financial incentives for those who give to nonprofit organizations? Tax deductions usually accompany charitable giving, but this year, a new âabove the lineâ deduction encourages supporters to make a difference as communities across the country recover from the health and economic crisis.
In 2020, taxpayers who take the standard deduction rather than itemizing their taxes are able to claim up to $300 in charitable donations on top of the standard deduction â meaning that anyone who donates to a qualifying organization can receive an additional tax break. This deduction is applied per person, so taxpayers who file jointly can each take advantage of this deduction.