End of the Year Giving
The Coronavirus Aid, Relief and Economic Security Act, or CARES Act, changed the tax law in several areas for 2020. Here is just one of the changes that might affect your tax return. Even if you don’t have enough tax deductions to “itemize” on your tax return, and you take the standard deduction instead, for this year you are eligible to take a deduction for up to $300 given to a qualified charitable organization. These are organizations that are religious, charitable, educational, scientific or literary in purpose. Usually these are called “non-profits” or 501(c)3 organizations. Lockhart and Caldwell County have many eligible organizations. You can check the charitable status of your favorite organization here: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search Remember to save receipts or obtain a letter from the organization acknowledging your donation. And be sure to include that information in your tax documentation when you come to see me!
Contact Carolyn at CarolynBryant.CPA@gmail.com for more information.