The CARES Act creates a new “above the line” charitable deduction. If you do not itemize deductions, you (and your spouse if filing jointly) may be able to take a charitable deduction for contribution(s) up to $300 if single, head of household, or qualifying widow(er); $300 if married filing jointly; or $150 if married filing separately (IRS Form 1040 instructions). If you itemize, the CARES Act allows you to deduct up to 100% of your AGI. This applies to cash contributions to certain charitable organizations, such as the Bentonville Library Foundation.
If you have any questions, please contact Teresa Stafford, CFRE: