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Your 2020 Charitable Donations May Be Tax Deductible In A New Way


If you donated to a charity in 2020 you may be able to deduct it in a way that’s not been possible before!

If you supported a charitable organization in 2020, your donation may be tax-deductible, reducing your total taxable income. The lower your taxable income, the fewer taxes you pay.

Traditionally you can only take a charitable contribution deduction if you itemize your deductions, but the CARES Act, put into place during the pandemic, made it so you can go ahead and deduct $300 worth of 2020 cash donations without going thru itemizing your deductions. If you itemize your deductions, heads up 100% of your 2020 donations, to IRS-cleared organizations, can be deducted on this year’s tax form.

Photo Credit: Getty


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