As we near the end of the calendar year, I wanted to draw special attention to what I am guessing is a little known new $300 charitable donation tax deduction that is potentially available to all taxpayers who make a cash donation to qualifying organizations in 2020. Buried deep within the the Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted by Congress last spring as their signature COVID relief measure, this new deduction provision allows taxpayers to deduct up to $300 in cash donations. Weren’t charitable donations always tax deductible? Yes, but taxpayers always...
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[Read the rest of the story at 20somethingfinance.com]