Well-meaning individuals and business owners are pitching in to help others during the COVID-19 pandemic by offering support in a variety of ways, including financial donations to charitable organizations. Fortunately, the U.S. government’s Coronavirus Aid, Relief and Economic Security Act includes several tax incentives for charitable giving.
One such incentive under the coronavirus relief bill allows an individual to claim an above-the-line deduction of up to $300 for donations made to qualified charitable organizations. As a result, eligible donors can claim a charitable deduction whether or not they itemize.
Learn more about the bill’s tax incentives for charitable giving here.