The Coronavirus Aid, Relief and Economic Security Act assisted citizens and businesses alike during the pandemic.

One additional change the CARES Act made is the ability to claim an extra tax deduction for donations to charity in 2020. Certified Public Accountant Lisa Calvert says the new rule applies for those who choose the standard deduction.

“New this year, we can take a $300 charitable contribution whether we itemize our deductions or not, so that’s a new little thing this year. If you’ve got a favorite charity, keep track of those receipts for any charitable contribution that has been made.”

Calvert also says to stay tuned to any additional legislation or changes that could take place under the new administration.