One of the CARES Act updates impacts allowable charitable cash contributions for Standard Deduction filers. The deduction of charitable contributions is generally reserved for taxpayers that itemize their deductions. With the CARES Act, Standard Deduction filers can now deduct up to $300 in cash contributions. The allowed above-the-line deduction will carry to Line 10b of the 2020 Form 1040. Additional information can be found here.
Above the Line Charitable Deduction
by jburns5130 | Nov 14, 2020 | Commonwealth of Mass, IRS, Tax Deductions, Tax Preparation | 0 comments