Question

what does the cares act allow regarding charitable contributions?
(1 point)
○ it allows the government to tax your charitable contributions.
○ it allows you to deduct $300 in charitable contributions.
○ it allows you to create a 501(c)(3) organization.
○ it allows you to deduct the price of merchandise you buy from charities.

Explanation:

The CARES Act introduced a above-the-line deduction of $300 for cash charitable contributions for taxpayers who take the standard deduction (not itemizing). The other options are incorrect: the Act does not tax charitable contributions, does not enable creating a 501(c)(3), and does not allow deducting the cost of merchandise purchased from charities.

Answer:

It allows you to deduct $300 in charitable contributions.