Feeling charitable this holiday season? According to a reminder issued just before Thanksgiving, it appears the IRS is, too. Lucky for a lot of generous people this year, one of the components of the CARES Act you may no be aware of is a provision that allows for an “above the line” cash deduction for some charitable contributions.
It’s not life-changing money, but for people who could use some incentive to support their favorite charity this year, the IRS is making an allowance for cash donations up to $300—even if you claim the standard deduction rather than itemizing.
The standard rules apply, of course. For instance, it must be a legitimately recognized charitable organization, and you’ll need to to provide proof of your contribution if asked. So as long as you keep your receipts handy, your generosity during this particularly difficult year can be rewarded.
You can read the IRS press release and access additional resource links on their website here.
