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Give to charity & write it off! CARES Act allows up to $300 in giving to be deducted even if you don't itemize.

Any giving to a qualified charity can be deducted from your 2020 Tax return.

Mortgage interest plus charitable giving used to mean you could itemize your taxes and possibly get more money back. But that all changed with the new standard deductions.

Here are the numbers:

The standard deduction doubled between 2017 to 2019. And that standard continues for the 2020 tax year. The filing singles standard deduction went from $6,350 to $12,700.
Married couples now have a standard deduction of $24,400 versus $12,700.

The increase in these deductions meant a lot of people who itemized in the past couldn't anymore. This meant you couldn’t write off or get credit for church giving, sponsoring a loved one doing a fundraising walk, or giving to a charity like Goodwill.
 

But the 2020 tax year is different.

“The CARES Act allows you and me if we don't have enough on our itemized deductions to write off up to $300 in contributions to qualified charitable contributions. It's a bonus for the non-itemizers which is a growing army so to speak, there are so many people not able to itemize anymore,” said Kevin Robinson, Robinson Tax & Accounting Services.

Whatever you give before the end of 2020, you can write-off up to $300 on your 2020 taxes, even if you don't itemize. Now, how can you make sure you're giving to a charity that is using your money wisely? 2WTK has resources below!

RELATED: Giving Tuesday (or any day): How to check out a charity