The CARES Act

The CARES Act enacted last Spring brings a benefit to those who will be utilizing the standard deduction rather than itemizing their deductions for the 2020 tax year. In 2020 individual taxpayers will be able to take advantage of a $300 “above the line” deduction for cash donations made to charities during 2020. It will lower both adjusted gross income and taxable income. For more information please contact us.