Last Friday, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law . The CARES Act appropriates funding for a number of Americans and their families, small businesses, health care programs and education:
$1,200 for every taxpayer making $75,000 per year or less ($150,000 for couples filing jointly) : Taxpayers making between $75,000 and $99,000 per year (and couples over 150,000) will receive smaller direct payments, and those making more than $99,000 per year will not receive a payment. Families will also receive $500 per child.
A temporary universal charitable deduction of up to $300: This deduction ...