You probably never expected the words “good news” and “taxes” to go together, but this year they do! For your 2020 taxes, virtually everyone can maximize their savings through charitable deductions:
The CARES act provides a new deduction for up to $300 per tax return for charitable contributions if you use the standard deduction.
If you itemize your deductions, this year you may deduct qualified charitable contributions up to 100% of your adjusted gross income.
Qualified Charitable Distributions (QCD) can still be made from your IRA, even though the Required Minimum Distribution was suspended for 2020.