Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction.


Under this new change, individual taxpayers can claim an “above-the-line” deduction of up to $300 for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.

Previous Tax Tips

Tax Tip of the Month

Tax Tip of the Month

TAX TIME IS ALL THE TIME®  is a registered trademark of Sidney M. Schuchman, CPA © 2021