Tax Planning

$300 Above-the-Line Charitable Tax Deduction

The Coronavirus Aid, Relief, and Economic Security (CARES) Act added an above-the-line tax deduction for 2020. Taxpayers who make a qualified charitable contribution and who do not itemize their deductions using Schedule A may be eligible for a deduction from the calculation of gross income. The deduction amount may be up to $300.

A charitable contribution is qualified under the CARES Act if it is made in cash to a qualified organization and is not made payable to a Donor Advised Fund. We recommend that you consult with your tax and financial advisor prior to making charitable contributions. You should also retain records of your charitable contributions and provide them to your tax preparer to ensure the appropriate deductions are recorded.

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