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CARES Act - New Charitable Contribution Tax Deduction for 2020

Attorney Thomas B. Burton discusses the special new charitable contribution tax deduction for taxpayers in 2020 due to the passage of the CARES Act in the spring of 2020. This new $300 charitable deduction allows taxpayers to take a tax deduction for cash contributions made to a qualifying charitable organization in 2020. Taxpayers can take this deduction even if they do not itemize and instead take the standard deduction.

You can read more about how this new charitable deduction works on the IRS website at this link.

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