Special Tax Deductions for 2020
Due to the CARES ACT that was passed in 2020 there are several special tax deductions that are available to taxpayers for this tax season.
Individuals can now claim a deduction of $300 for cash donations made to a charity during 2020 even If the individual is taking the standard deduction. An individual can take the standard deduction and still take a $300 deduction on their tax return. This tax deduction will be taken on page One of the 1040 that is used to determine the individual's Adjusted Gross Income.
To claim this special deduction, the charitable donation must be ‘cash' (not non-cash such at clothing, etc.) and must be to a Tax-Exempt Organization as determined by the Internal Revenue Service (501c-3).
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