Special Tax Deduction for Cash Donations to Charities in 2020
In the latest post on A Closer Look, Tax Exempt and Government Entities Commissioner Edward Killen reminds taxpayers there’s a special deduction for cash donations of up to $300 to a qualified charity in 2020. This $300 deduction is designed for taxpayers who take the standard deduction and aren’t normally able to deduct their donations.
Before making a donation, use the Tax Exempt Organization Search (TEOS) tool on IRS.gov/TEOS to make sure the charitable organization is eligible for tax-deductible donations.
The post also includes several other important reminders for taxpayers and charities, along with information and links to other temporary provisions of the relief provided in the CARES Act.