A Charitable Deduction available to all!
Usually, you can only write off tax-deductible donations to charity on your federal tax return if you itemize your deductions rather than take the standard deduction. But in an effort to encourage Americans to donate money to charity during the Coronavirus pandemic, the CARES Act enabled taxpayers to deduct up to $300 in monetary donations in 2020 – even if they take the standard deduction.
So, save those receipts and provide them to us with your 2020 income tax information.
Please call our office if you have any questions!