Page 3 - November Tax Talk

Charitable

Tax Deductions
This is your reminder to make your charitable

contributions before the end of the year so that you can

take advantage of any tax deductions available.Due to
special tax law changes made earlier this year donations

up to $300 that are made before the end of the year are

now deductible when you file your taxes in 2021.

The Coronavirus Aid, Relief and Economic Security

(CARES) Act enacted earlier this year includes many

temporary tax changes, one of these being a $300
above-the-line-charitable deduction. However, this

special deduction is designed for taxpayers who choose
to take the standard deduction, rather than itemizing

their deductions. Nearly nine in 10 taxpayers now take

the standard deduction and could potentially qualify
for this new tax deduction, so make sure you are one of

them! You can claim this $300 deduction as an “above-
the-line” deduction which lowers both adjusted gross

income and taxable income.

Before making a donation you should check the special Tax Exempt
Organization Search tool on IRS.gov to make sure the organization

your donating to is eligible for tax-deductible donations.

Happy

Thanksgiving! -Everyone at

Bryson Law firm, LLC

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