10 Jan 2021
Many taxpayers expect charitable donations will be tax deductible, but this is only true for those who itemize deductions. The 2017 Tax Cuts and Jobs Act doubled the standard deduction and capped state and local tax deductions, so most taxpayers no longer itemize. In 2020, even taxpayers who claim the standard deduction may deduct up to $300 of charitable donations pursuant to the Cares Act.
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