The Cares Act creates a new above-the-line deduction for up to $300 of charitable cash contributions in 2020. This right off is only available to people who take the standard deduction. The law also suspended the 60%-of-AGI limit on cash donations to charities for people who itemize. You’re a charitable person. You’ve supported causes near and dear to your heart, like Cherry Street, for as long as you can remember. And quite frankly you also used to get a tax deduction for your charitable giving. You don’t donate just to get a tax break, but it’s nice to give and save money at the same time.