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As the curtain drops on 2020, many will breathe sighs of relief. But before the year times out on Dec. 31, those who are charity-centric can use three words to make 2020 more memorable for their favorite nonprofits and/or for people feeling the harsh impact of the COVID-19 pandemic: Federal CARES Act. Through legislation passed earlier this year, the Federal Coronavirus Aid, Relief and Economic Security Act implemented temporary tax provisions to encourage charitable giving for both corporations and individuals, including a new $300 donation for qualified charitable donations for individuals. According to the IRS website, individual taxpayers can claim an “above-the-line” deduction of up to $300 for cash donations to charity in 2020, which means the deduction lowers both adjusted gross income and taxable income — translating into tax savings for those making donations to qualifying tax-exempt organizations.

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