$300 “Above The Line” 2020 Charity Deduction Applies Even If You Don’t Itemize

As part of the CARES Act, a temporary $300 tax deduction will apply to 2020 even for those who don’t itemize. Normally, charitable deductions only affect your taxes if you itemize and only if over a certain amount. This temporary exception has been enacted this year to help encourage donations to charities struggling because of the excess governmental regulations allowed by compliant citizens that have harmed them and the economy this year.

So, if you can give a little this holiday season and help these ministries keep their essential services and ministries going, there will be a little tax benefit to you too – even if you take the standard deduction.

Please see this link below for more details:

https://www.irs.gov/newsroom/special-300-tax-deduction-helps-most-people-give-to-charity-this-year-even-if-they-dont-itemize

Written by Laura Fleig

www.fleigfinancialsllc.com