GG&G Tax Prep

12/21/2024

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12/24/2020

Taxpayers who do not deduct to itemize check this out

"Charitable donations
Under the CARES Act, taxpayers could deduct up to $300 for charitable donations in 2020 and still take the standard deduction. Typically, charitable donations can only be deducted if you itemize your taxes.

The new stimulus deal extends that above-the-line deduction and improves it. For 2021, individuals can deduct up to $300 and joint filers can deduct up to $600 in charitable contributions."

This means if you donated to charity but you're still taking the standard deduction you can deduct an extra $300-600 if you gave to charity!

12/10/2020