Do You Qualify for a $300 Tax Deduction Under the CARES Act?

What is the new above-the-line universal tax deduction, and how does it work?

A woman with several question marks above her head.
(Image credit: Getty Images)

We are all fighting against the financial ramifications of COVID-19 together. For many businesses and families, the coronavirus has halted a lot of financial progress, but there is a light at the end of the tunnel, and that light is the CARES Act. This $2 trillion economic stimulus package has sought to aid individuals and families alike as they navigate the aftermath of the pandemic.

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Chad Chubb, CFP®
Founder, WealthKeel LLC

Chad Chubb is a Certified Financial Planner™, Certified Student Loan Professional™ and the founder of WealthKeel LLC. He works alongside Gen X & Gen Y physicians to help them navigate the complexities of everyday life by crafting streamlined financial plans that are agile for his clients' evolving needs. He helps them utilize their wealth to free up time and energy to focus on their family, their practice and what they love most.