Question

What does the CARES Act allow regarding charitable contributions?

Responses
- It allows the government to tax your charitable contributions.
- It allows you to deduct $300 in charitable contributions.
- It allows you to create a 501(c)(3) organization.
- It allows you to deduct the price of merchandise you buy from charities.

Answer 1

CARES ACT

The CARES Act allows you to deduct $300 in charitable contributions.

CARES act stands for Coronavirus Aid, Relief, and Economic Security act. This is a law Donald Trump, the previous president of the United States signed. It was made available in reaction to COVID 19's negative economic impacts.

A individual taxpayer may deduct up to $300 for charitable contributions under the CARES Act without itemizing their losses. The deduction rises to $600 if married people file their taxes jointly.