New Charitable Contribution Rules

In 2020, as part of the CARES Act, Congress changed the rules and added an up to $300.00 deduction for those taxpayers that don’t itemize but make charitable contributions.

This is only applies to Charitable Contributions made in 2020 and only those contributions made in cash. Non-cash contributions won’t qualify for this deduction.

This makes it the perfect time to make a year-end charitable contribution even if you don’t itemize.