The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act provides an opportunity for tax deductions – even if you don’t itemize.
For calendar year 2020, taxpayers who don’t itemize can receive a tax deduction of up to $300 for cash donations to 501(c)(3) nonprofits.
If you do itemize, you may deduct up to 100 percent of your 2020 Adjusted Gross Income.
Furthermore, the limit on corporate donations has been lifted from 10 percent to 25 percent.
Talk to your tax advisor to maximize your CARES Act benefits.