2020 TAX PLANNING

2020 TAX PLANNING The 2020 CARES Act passed earlier this year created a new above-the-line charitable contributions deduction taxpayers who don’t itemize deductions. To qualify for this new deduction, the donations have to be in cash, and they have to be donated directly to charities. It’s a one-off deal for only 2020 and the deduction is capped at $300 for single or married filing jointly. Please discuss with your tax professional for further information.