According to updated information from the Internal Revenue Service, taxpayers who make contributions to qualified charities in 2020 can deduct up to $300 even if they don’t itemize deductions on their tax returns.
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), the opportunity to deduct cash contributions without itemizing is intended to bolster financial relief to organizations in the midst of the pandemic.
Taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made from Jan. 1 to Dec. 31, 2020 to qualifying organizations.
For the purposes of this deduction, qualifying organizations are those that are religious, charitable, educational, scientific or literary in purpose.
Champaign County has a long list of organizations approved for this type of deductible contribution.
During the holiday season, some of the most visible organizations are staging fund drives at a time of year when charitable contributions are traditional.
Donors are advised to consult a financial advisor with specific questions.
In order to see if an organization is considered by the IRS to be qualified for such deductible contributions, contact the organization itself, log on to its website or use this link: https://apps.irs.gov/app/eos/