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The CARES Act and tax deductions for 2020 donations

January 25, 2021

The federal CARES Act provides an “above-the-line” tax deduction for up to $300 of charitable donations made in 2020. For people who itemize their taxes, the law also raises the limit on donation deductions from 60% of adjusted gross income to 100%. Consult a financial advisor and/or visit the IRS’s website to see how these changes may apply to you.