Under the CARES Act, which kickstarted an array of initiatives to address the coronavirus and its attendant economic and social fallout, the IRS has tweaked its eligibility requirements - expanding the pool of tax filers who can claim the charitable deduction as well as the cash value limit and donation timeframe for tax year 2020. And for you, the benefits are two-fold: the innate satisfaction of having done good - and the tax deduction that follows.Īs with so many things in this strange year of 2020, however, the rules and protocols for charitable donations - and their tax ramifications - have changed. For the charitable entity, your donation keeps their organization and noble endeavors afloat.
Though precious few things in modern life can be classified as a "win-win," a charitable donation is unquestionably one of them.
0 kommentar(er)
