New Tax Breaks for Charitable Donations in 2020

The $2 trillion COVID-19 stimulus package signed into law recently, includes a new tax break that applies to charitable donations circa the 2020 tax year. The initiative gives taxpayers an above-the-line deduction for up to $300 in donations to charitable institutions. For example, if you choose the standard deduction and give $300 to HRH, you will get a $300 tax break in addition to the standard deduction.

For more information, visit our How You Can Help page on our website for an in-depth description of how the tax benefit affects standard deductions, itemized deductions and corporate giving.

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