The CARES Act includes a $300 “above the line deduction” for all tax payers. If you pay taxes, you can deduct $300 in gifts to nonprofits, no matter what you earn. The new policy also lifts the existing 60% cap on annual contributions for people who itemize their taxes to a full 100%! All gifts made in 2020, filed individually or jointly, are eligible. And corporations can deduct up to 25% of taxable income, up from the previous limit of 10%.
*Consult with a tax professional for up to date information.