What does the CARES Act allow regarding charitable contributions? (1 point) Responses It allows the government to tax your charitable contributions. It allows the government to tax your charitable contributions. It allows you to deduct $300 in 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 create a 501(c)(3) organization. It allows you to deduct the price of merchandise you buy from charities.
It allows you to deduct $300 in charitable contributions.
The CARES Act allows you to deduct $300 in charitable contributions.
The correct response is:
It allows you to deduct $300 in charitable contributions.
To determine what the CARES Act allows regarding charitable contributions, you would need to refer to the CARES Act itself or reliable sources that explain the provisions of the act. You can access the full text of the CARES Act on the official website of the United States Congress or consult reputable news outlets or government resources for a summary of its provisions.
In this case, the CARES Act does allow individuals to take an above-the-line deduction of up to $300 for cash contributions to qualifying charitable organizations, even if you do not itemize your deductions. This deduction is available for tax years 2020 and later.
It's always important to verify information from trusted sources, such as primary legal texts or reliable news outlets, to ensure accuracy and stay up to date with any changes or amendments to the law.