Federal Tax

Can Donating to Charity Help Your Tax Situation?

Can you help your tax situation if you donate to charity by Dec. 31? Whether you’re supporting natural disaster recovery, COVID 19 crisis aid or any “qualified” charity, your donations may be tax-deductible, which can reduce your taxable income. Previously, charitable contributions could only be deducted if taxpayers itemized deductions. But, under the CARES Act, those who don’t itemize can take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. The law also temporarily suspends limits on charitable contributions and temporarily increases limits on business contributions of food inventory. Click here to learn more. Contact the Cg Team with any questions. © 2020