IdahoMtnSpyder
Active member
There is a tax reduction provision in the CARES Act that was passed earlier this year to provide relief from Covid related financial problems and which has not gotten much press. It is a new allowance for charitable deductions. After the 2017 tax reform many folks have found it is better to take the standard deduction rather than itemize. This has negatively impacted charitable donations. So, with 2020 tax filings, and maybe on into the future, a new deduction was set up.
IF you have to pay Federal Income tax, AND
IF you DO NOT itemize your deductions,
you can deduct up to $300 per person or $600 per couple right from the top for CASH donations to a qualified charity. This means you take this deduction from your gross income so you don't pay tax on that amount.
I thought this might be good news for some of the members here.
IF you have to pay Federal Income tax, AND
IF you DO NOT itemize your deductions,
you can deduct up to $300 per person or $600 per couple right from the top for CASH donations to a qualified charity. This means you take this deduction from your gross income so you don't pay tax on that amount.
I thought this might be good news for some of the members here.
