Charitable donations-CARES Act

During this COVID pandemic many people are doing extraordinary things within their community. The selflessness of society is showing in every town and neighborhood. Some of the acts of kindness are big and noticeable to everyone, others are small and private.

These seemingly small acts of kindness are noticed not only by the organizations you support but by the IRS and state taxing authorities as well.

For tax year 2020, charitable cash donations of $300 or less are deductible as an above the line deduction. These deductions are subtracted from your gross income before your adjusted gross income is determined.

To ensure you receive this deduction make sure you verify the charitable status of your donee by visiting : https://apps.irs.gov/app/eos/ You also want to make sure to keep your receipts and be sure to include the organizations name, contribution date and contribution amount.