
CARES Act allows those taking standard deductions to deduct up to $300 in charitable donations
CARES Act allows those taking standard deductions to deduct up to $300 in charitable donations
The federal tax law passed in 2017 doubled the standard deduction taken by those filing their income taxes as single or married filing jointly. It simplified tax filing for many while greatly reducing the number of filers who itemized their deductions — such as medical expenses and charitable donations.
Unfortunately, with less incentive to itemize, many nonprofits saw contributions suffer. This year, though, thanks to the CARES Act passed in the wake of the pandemic, even those who take the standard deduction when they file their 2020 federal income taxes can still deduct up to $300 in charitable donations — made by cash, check or credit cards.
While $300 is hardly incentivizing for millionaires and billionaires, it can reduce many people’s tax burden and possibly even make the difference in getting a refund as opposed to sending more money to the IRS. Meanwhile, for grass-roots nonprofits like The Fuller Center for Housing (which relies exclusively on private gifts instead of government funds), a slew of generous supporters giving donations up to $300 would put many more families in simple, decent homes in 2021.
The Fuller Center for Housing encourages everyone to research nonprofits before making donations. The Fuller Center has received a 100% score from Charity Navigator for “Accountability and Transparency.” Click the link below for the full report on our ministry from Charity Navigator.
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