Home » Tax Preparation » Get Up to $300 Charitable Donation Deduction without Itemizing for 2020
2018 Standard Deduction Increase Sees Donations Fall
With the increase of the standard deduction in 2018 many taxpayers no longer itemized since they no longer met the threshold. Statistics show that individual charitable giving fell 3.5% adjusted for inflation in 2018 – cutting revenue to nonprofits.
2020 Charitable Donations Up To $300
Starting in tax year 2020, charitable donations up to $300 can be deducted from your adjusted gross income with no requirement for itemization. Donations must be made in cash to a qualifying nonprofit organization. Make certain you keep your receipts so you can deduct your $300.
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Long & Long CPAs is a Pineville, NC based certified public accounting firm helmed by Virginia "Ginny" Long, CPA (QuickBooks Certified ProAdvisor) and CPA Skip Long. Consider us an all-in-one accounting, bookkeeping, consulting and tax preparation service for small businesses using QuickBooks Online software. Long & Long CPAs serves small business owners in South Charlotte, Pineville and Fort Mill.