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IRS Special Deduction Allows Donors to Benefit from Giving in 2020

The IRS published a notice outlining the conditions under which taxpayers can contribute up to $300 by December 31, 2020 for a deduction on their taxes, even if they do not itemize.

According to the IRS notice, “individual taxpayers can claim an “above-the-line” deduction of up to $300 for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.”

For more information, read the total announcement here.



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