American Taxpayers Can Deduct Charitable Contributions On 2020 Returns, Even Without Itemizing
Under the new tax code, not itemizing made it virtually impossible to claim a tax deduction for contributions to charitable organizations.
But according to Business Insider, the pandemic relief CARES Act has a provision incentivizing Americans to help others in need.
It's an above-the-line charitable tax deduction.
Beginning with 2020 tax returns, taxpayers can claim up to $300 in cash contributions made by December 31 to charity as a deduction without itemizing.
The IRS says roughly 130 million American taxpayers could benefit by donating, as it reduces their taxable income.