what does the cares act allow regarding charitable contributions?\n(1 point)\n○ it allows the government to…

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

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

Answer

Brief Explanations:

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.