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siderea posted:
Oh, hey, I didn't know this. My alma mater just notified me in a solicitation for donations:
Keep in mind that the CARES Act of 2020 allows all taxpayers to take a deduction of up to $300.00, in addition to their standard deduction, for donations they make to qualified 501(c)(3) non-profits during 2020.
Confirmed with the IRS here:
Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize
IR-2020-264, November 25, 2020
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. [...]
Tags:
taxes, us
siderea posted:Oh, hey, I didn't know this. My alma mater just notified me in a solicitation for donations:
Keep in mind that the CARES Act of 2020 allows all taxpayers to take a deduction of up to $300.00, in addition to their standard deduction, for donations they make to qualified 501(c)(3) non-profits during 2020.
Confirmed with the IRS here:
Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize
IR-2020-264, November 25, 2020
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. [...]
Tags:
taxes, us