The Changes in Charitable Deductions for 2020

    This is normally the time of year to reflect on what has happened during the previous months. There is much to consider on that topic if you choose to do so. For many, this is also a time to make donations, and perhaps use those donations as tax deductions.

    The Internal Revenue Service (IRS) has changed some of those rules for 2020. This is due to the passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act earlier this year. Taxpayers can now deduct charitable contributions even if they do not itemize their deductions. However, they must still go to qualifying organizations that are religious, charitable, educational, scientific, or literary in purpose. They need to meet certain requirements and Taxpayers need to have the right documentation to present to the IRS. Your Qualified Tax Professional can help you make sure that your valued gift goes to the right place.

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