Kathryn Bruns, CPA
2020 "above the line" deduction for charitable contributions
As a refresher, the CARES Act is allowing a maximum $300 deduction on your 2020 tax return, for those who DON'T itemize deductions (those that itemize deductions do not get to do this because they are already getting to deduct them). Since this new deduction is counter-intuitive for non-itemizers, don't forget to give your tax preparer proof of your charitable contributions this upcoming tax season (at least $300 dollars worth)
Some key points:
-only cash donations count (so no goodwill property drop-offs will count)
-only cash donations to "qualified charitable organizations" count (so "go fund me" gifts to your friends will not count)
-as always, make sure you get proof of the donation(s)
See you soon for your 2020 taxes ! Book your spot now, it's never too early.