This year has certainly been tough on many people. If you have been able to support a natural disaster, pandemic relief aid or another cause, your donation may be tax deductible.
The CARES Act recently made changes in how you can deduct these charitable donations.
What is the change?
It used to be that you could only deduct charitable donations if you itemized your deductions.
Now, however, even if you do not itemize your deductions you can still take a charitable deduction of up to $300.
How do you qualify?
-You would need to have made the cash contribution in 2020
-The organization you donated to would need to qualify
-Qualifying organizations include: religious, charitable, educational, scientific, or literacy
For more information, of course you can always ask us or visit irs.gov
*Info obtained from the IRS Website
Copyright © Gold Standard Tax & Accounting. All Rights Reserved.