AVAILABLE FOR ALL TAXPAYERS IN 2020
One of the many inclusions in the recently passed CARES act is the $300 charitable deduction that "regular" taxpayers can now take on their 2020 tax returns.
One of the many inclusions in the recently passed CARES act is the $300 charitable deduction that "regular" taxpayers can now take on their 2020 tax returns.
The CARES Act, formally known as The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), was signed into law on March 27, 2020.
A provision of the act allows taxpayers who do not itemize their deductions to make a $300 cash donation to the charity of their choice and claim it on their 2020 taxes. It's a win-win for donors and nonprofits alike.
This adjustment written into the CARES Act is available for cash gifts to public charities only for 2020 only and is limited to $300 per taxpayer ($600 for a married couple).
Previously taxpayers could deduct charitable contributions only if they itemized their personal deductions instead of taking the standard deduction. If you did not itemize, which represents about 90% of taxpayers, you were not eligible for this specific deduction. THAT’S NOW CHANGED for 2020.
A provision of the act allows taxpayers who do not itemize their deductions to make a $300 cash donation to the charity of their choice and claim it on their 2020 taxes. It's a win-win for donors and nonprofits alike.
This adjustment written into the CARES Act is available for cash gifts to public charities only for 2020 only and is limited to $300 per taxpayer ($600 for a married couple).
Previously taxpayers could deduct charitable contributions only if they itemized their personal deductions instead of taking the standard deduction. If you did not itemize, which represents about 90% of taxpayers, you were not eligible for this specific deduction. THAT’S NOW CHANGED for 2020.
This information is based on published reports.
Please consult with an IRS office
or a tax accountant if you should question
or want to ensure your eligibility.
Click here for needed items at
Dover Interfaith Mission for Housing (DIMH).
Click here for donation information.
