What does CARES Act allow regarding charitable contributions?

Question

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

Answer 1

B. It allows you to deduct $300 in charitable contributions.

The CARES Act includes a provision that allows individuals to deduct up to $300 in charitable contributions made to qualifying organizations on their tax returns, even if they do not itemize their deductions. This is aimed at encouraging charitable giving during times of economic difficulty.