New Changes to Charitable Contributions in 2020Posted on November 30th, 2020
The CARES Act re-incentivized charitable contributions for the 2020 tax year. This temporary tax law change allows taxpayers to deduct up to $300 in cash donations to qualifying charities this year. As a result, taxpayers who claim a standard deduction can also benefit from the $300 contribution as an “above the line” deduction. This change results in lowering both adjusted gross income and taxable income, which in turn creates tax savings on your 2020 tax return.
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