CARES Act opens the door for year-end charitable giving

State News

ROCHESTER, N.Y. (WROC) — You can deduct up to $300 in charitable donations from your 2020 federal tax return without itemizing those deductions thanks to the CARES Act.

CPA Garrett Wagner of the New York State Society of CPAs explained how it works Thursday during News 8 at Sunrise.

“The CARES Act covered so many things,” said Wagner. “One of the benefits for all of the individuals out there is where it comes to charitable giving because for all of us who no longer itemize we lost the benefit of a tax write off for any charitable donations we did. But with the CARES Act, even if you don’t itemize, you can still get $300 off as a deduction from your return without itemizing, just for giving $300 or more to charity. So it’s a nice little benefit we can all do to continue to give to charity.”

Wagner explained this deduction is available for your 2020 federal tax return. As always, make sure your document your donations. “Anytime that we talk about taxes you want to keep records,” he said. “So keep that record, keep that receipt from that non-profit organization for support for your taxes. And then in terms of who you can give to it’s the same as before. You’ve got to give to a qualified charitable organization.”

The deduction applies to any charitable donation you make during the entire year, so there’s time to take advantage before the end of 2020.

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