CARES ACT and 2021 charitable contributions
The CARES Act included language that makes giving to DCFYI easier in 2020!
This is true for people who take the standard deduction or itemize.
New Deduction Available: Up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is available only to people who take the standard deduction (for taxpayers who do not itemize their deductions). It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income, and thereby reduce taxable income.