World News – USA – New tax change is win-win for taxpayers and charities

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A little-known tax change can help you keep more money in the bank while also helping your favorite charity. With the CARES law that came into force last spring, you can deduct a monetary donation without having to declare your taxes for 2020. Under this special tax rule, you can apply for a donation of up to $ 300 even if you are taking the standard deduction.

« Our nation’s charities are fighting to help those suffering from COVID-19, and many deserving organizations can take advantage of any help they can get, » said Chuck Rettig, commissioner for the IRS.

Marys Center provides health care, education, and other social services to thousands of people in the D. C.. . region. Like many other charities, Mary’s Center continues to serve the needy even though donations are decreasing. This new tax rule is therefore a welcome boost.

« We really took it on and thought it was fantastic, » said Heather Morgan, executive director of Mary’s Center. « This way, people who don’t have major bid donations won’t get a breakdown of their deductions, but they can feel like they’re getting an extra benefit for what they’re doing for charity. « . ”

Tax Deduction, Internal Revenue Service

World News – US – New tax change is win-win for taxpayers and charities
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Ref: https://www.nbcwashington.com

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