Charitable Contributions – Updated for CARES Act Provisions
Under the Coronavirus Aid Relief and Economic Security Act (CARES Act), charitable contribution deductions have increased for both individuals and corporations. New $300 Above-the-line deduction for charitable contributions The CARES Act provides individual taxpayers a new $300 above-the-line deduction for qualified charitable contributions. The deduction decreases a taxpayer’s income prior to the calculation of their […]
