It’s even easier to give a GOOD NAUTICAL donation this year
Under the pandemic relief program, taxpayers can deduct up to $300, even if they take the standard deduction.
And even if $300 doesn’t sound like much, it’s “a big deal” to Good Nautical.
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You can take a deduction for contributions in 2020, even if you don’t itemize on your income tax return.
Under the CARES Act, part of the federal government’s pandemic relief program that passed in March, individual taxpayers can take a deduction of up to $300 for cash donations made in 2020 when they file their tax return in the spring.
Typically, you can deduct charitable donations only if you itemize your personal deductions, rather than taking the standard deduction. With changes in the federal tax code in 2017, through the Tax Cuts and Jobs Act, the vast majority of taxpayers now take the standard deduction.
The new “universal” deduction makes it easier for people to receive a tax benefit for giving. Because the deduction is taken “above the line,” it reduces, by up to $300, your adjusted gross income — an important number because it determines your eligibility for tax credits and other deductions.
There are some details to keep in mind. To qualify for the deduction, the donation must be made in cash, paying by check or credit card is OK. And the donation must be made to a qualified, 501(c)(3) public charity. The I.R.S. offers a search tool to help donors verify if an organization is eligible to accept tax-deductible donations.