As you prepare your 2020 tax return, keep in mind you may be eligible for a special deduction this tax season. The CARES Act includes a special $300 tax deduction for cash donations to qualifying charitable organizations that you made before the end of the year.
The best part is, you can take it even if you don’t itemize! Usually you have to itemize to claim charitable contributions. But, this time around, the credit is designed specifically for the 87% of filers who take the standard deduction.
It has to be a charity registered with the IRS, so no Go Fund Mes, and you need proof of donation. Also, keep in mind this applies to donations made with cash, check, debit or credit cards. Donations of property, securities, or household items do not qualify.
To learn more, speak with a tax professional or visit HERE.
