Special $300 Charitable Deduction – Even if You Don’t Itemize

If you gave cash donations to charities last year make sure to keep those receipts and acknowledgment letters. There is a new $300 above-the-line charitable deduction starting for tax year 2020. Above-the-line means that the deduction will reduce your adjusted gross income and your taxable income. You are eligible if you take the standard deduction and it is $300 per filing status.

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Ref: Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize

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