Special Push to Give to Charities

    The Internal Revenue Service (IRS) is making a special effort to make sure that taxpayers know about a special charity deduction that is available this year. The year of 2020 has affected all of us in different ways. However, because of the unique challenges faced this year, some may feel even more motivated to give to charities. The Coronavirus Aid, Relief and Economic Security (CARES) Act gives extra encouragement to do so.

    This special tax law allows for a $300 tax deduction without the need to itemize your Tax Return. This special deduction will allow for some extra tax savings while using the standard deduction. To qualify, these donations must be made by cash, check, debit or credit card. Good records must be kept, including having a receipt or acknowledgement letter from the charity to file with your Tax Return. Please check to make sure that the organization you choose is eligible for tax-deductible donations. Make an appointment with your Qualified Tax Professional to plan your charitable giving.

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