When it was signed into law in March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act included special incentives and tax benefits. If you use the standard deduction, you can take an additional $300 deduction for cash gifts to ArtsMemphis. If you itemize, you can deduct up to 100% of adjusted gross income (AGI) for gifts of cash made in 2020. And, as in previous years, you can also receive a charitable income tax deduction when you donate appreciated securities. For details, consult with your financial advisor.