Posted on 12/31/2020 1:22:45 PM PST by rintintin
WASHINGTON — The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year.
Following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, 2020, are now deductible when people file their taxes in 2021.
"Our nation's charities are struggling to help those suffering from COVID-19, and many deserving organizations can use all the help they can get," said IRS Commissioner Chuck Rettig. "The IRS reminds people there's a new provision that allows for up to $300 in cash donations to qualifying organizations to be deducted from income. We encourage people to explore this option to help deserving tax-exempt organizations – and the people and causes they serve."
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their deductions.
Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify for this new tax deduction. In tax-year 2018, the most recent year for which complete figures are available, more than 134 million taxpayers claimed the standard deduction, just over 87% of all filers.
Under this new change, individual taxpayers can claim an "above-the-line" deduction of up to $300 for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.
(Excerpt) Read more at irs.gov ...
when they say “cash” do they mean real cash?....credit card or check donation okay for this special tax credit...?
Cash, check or credit. Not property
Do property taxes count?
I see you said “Not property”.
What about donating items such as canned food?
I see you said “Not property”.
What about donating items such as canned food?
“Do property taxes count?”
Absolutely! There is a line for that.
“What about donating items such as canned food?”
What about it?
“What about donating items such as canned food?”
Cash, check or credit card.
Yeah should have gone with cash. Oh well.
I no longer give to any charity that MIGHT help a liberal.
And if they’re waiting on liberals generosity, they’re in for a “dark winter.”
As a donation
Scams made by Liberals FOR Liberals.
our local university asked patrons to donate the price of their ticket plus any other donations this year in a special fund and they said it would be tax deductible....I’m hoping so because I will take every single penny from this govt that I can....
This improves the bottom line by $36 in the 12% tax bracket and $66 in the 22% tax bracket. Big Whoop!
Thanks for posting. i was not aware of this one time special deduction for contributions to a charity.
Will be disallowed under HarrisXiden Regime
Any of my money that would have gone to charitable causes is instead being used to support local businesses that have been openly defying shutdown orders during this COVID fiasco.
Even Short Form? we gave around $4K to church, Vets, St Jude’s.
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