The Cares Act allows a special $300 deduction for qualifying donations made in 2020. This means that unlike in previous years, you will not be taxed on up to $300 of your donation. Just remember to keep your receipt/acknowledgement letter in case the IRS asks.
To prevent fraud, make sure your “charity” is eligible as classified by the IRS. You can verify them here.
I thought I’d share this relevant news to the majority of Americans and help the IRS promote this before the year ends.
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