The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted Spring 2020, includes a special $300 charitable deduction designed for people who choose to take the standard deduction rather than itemize on their 2020 personal Federal income tax return. Individual taxpayers can claim an “above the line” deduction of up to $300 for donations made to charity during 2020.
This provision does not apply to donations of non-cash items, such as donations of household items, marketable securities, or other property. Contributions to qualifying charities must be made by check, debit card, or credit card. This provision expires on December 31, 2020, so you need to get your contributions made before year-end.