CARES Act Offers Additional Tax Break For Charitable Giving

November 3, 2020 | by John F. Leone

Provision in CARES Act allows for a charitable deduction even if you don't itemize on your federal tax return.

Though 2020 is coming to an end, there is still time left to make charitable contributions that qualify as a tax deduction on your 2020 federal income tax return.

Thanks to the passage of the CARES Act, there is an opportunity for additional giving at a time when the demand for services is up, and the donations are down at many non-profits.

Taxpayers typically receive an income tax benefit for charitable deductions if he or she itemizes deductions on their federal tax return. That means millions of taxpayers do not receive a tax deduction for charitable contributions. Not this year. Under the CARES Act, taxpayers are entitled to claim up to a $300 charitable deduction on their federal tax return regardless of whether they use the standard deduction or itemize deductions on their federal tax return. The maximum deduction is $300 per couple.

Any increase in contributions would help non-profit organizations whose roles have become greatly magnified in the midst of the COVID-19 pandemic. The ability to contribute to charity and get a tax deduction is a chance to give back and get back, a win-win to close out what has, by all accounts, been a challenging year.

Attorney John F. Leone has practiced for more than 25 years with a focus on helping people with their retirement plans, wills, estate planning, and estate and trust administration. He can be reached at Gross Shuman, P.C. by calling 716-854-4300 ext. 243 or



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