Take a Charitable Cash Deduction without Taking Itemized Deductions
How the CARES Act Changes Deducting Charitable Contributions

Previously, charitable contributions could only be deducted if taxpayers itemized their deductions.
However, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are:
  • Religious
  • Charitable
  • Educational
  • Scientific or
  • Literary

The law changed in this area due to the Coronavirus Aid, Relief, and Economic Security Act. 

The CARES Act also suspends limits on charitable contributions and temporarily increases limits on contributions of food inventory.

More information about these changes is available on IRS.gov.
Links to Help with Charitable Donations
Holiday Office Closures
Our office will be closed on the following
days during the upcoming holidays:
 
Thanksgiving 
Tuesday, Nov. 24th – Friday, Nov. 27th.
Christmas
Monday, Dec. 21st – Friday, Dec. 25th
New Years
Thursday, Dec. 31st – Friday, Jan. 1st
Get the Latest Tax Information

To view the latest tax updates, visit our Blog: It's Accrual World.

Planning for 2020 and the Future
Collom CPA can help you plan for 2020 and the future by:

  • Reviewing your pay stub and investment gains to determine if you need an estimated tax payment
  • Reviewing your final yearly paycheck and providing you with an estimate. We can also make a payment if needed for you.
  • Consulting with you if you sell stock and providing you with information needed to make an estimated tax payment at that time.
QUESTIONS?


If you have any questions, please email us at: TeresaM@tx-cpa.com or