COVID-19 Relief Checks & IRS Charitable Contributions
Many of us are beginning to receive relief checks (or direct deposits) from the Federal Government as a part of the Covid Relief Bill passed on March 27 (the CARES Act). One provision of the CARES Act allows an individual to make a cash contribution up to $300 and deduct the contribution “above the line” when computing adjusted gross income on next year’s tax filing. This means that taxpayers can claim an additional deduction for charitable giving over and above the standard deduction most tax filers claim. This giving can occur at any time during this calendar year.
Pastor Kris Frank