Charitable Giving Under The CARES Act
Usually, the only people who qualify for a charitable contribution deduction are those who itemize their contributions. The deduction reduces taxable income once the donor’s adjusted gross income (AGI) has been calculated. (Your AGI determines eligibility for certain tax breaks.)
The deduction usually only allows taxpayers to deduct donations that are up to 60% of their AGI.
However, the new $300 deduction from the CARES Act is specifically for those who don’t itemize their deductions and would typically not get any tax benefit from donations. Since it’s considered an above-the-line deduction, the IRS applies it when calculating your AGI.
Bottom line, now is a wonderful time to give. RVR has a gap, and you can help fill it. Additionally, you could get a tax benefit from doing so. To read more, CLICK HERE.