Charitable Contributions

With all the recent changes to the tax code many more taxpayers are taking the standard deduction on their tax return which now provides a greater deduction for them than itemizing would. For anyone taking the standard deduction this would mean losing the opportunity to take a deduction for any charitable contributions they made during the year. Due to a provision in the CARES Act a taxpayer can now take up to a $300 above the line deduction for charitable contributions for 2020 if they take the standard deduction.