Tags: Income Tax, Sarasota Accountant, Sarasota Accounting, Sarasota Accounting Firm, Sarasota CPA, Sarasota IRS Problems, Sarasota Quickbooks Online, Sarasota Small Business Accounting, Sarasota Small Business CPA, Sarasota Tax Accountant, Sarasota Tax Planning, Sarasota Tax Problems, Sarasota Tax Returns, Small Business Accounting Sarasota, Small Business Bookkeeping
The CARES Act was signed into law on March 27, 2020. Congress included a provision in the CARES Act that created a new deduction for cash contributions for taxpayers that do not itemize deductions.
Historically, charitable contributions were disallowed if the standard deduction was more advantageous to the taxpayer.
Under the CARES Act, these rules have been suspended for 2020 and replaced with temporary rules. Taxpayers who don’t file Schedule A are now allowed to deduct modest charitable contributions. Up to $300 may be claimed as an “above-the-line” deduction on Form 1040 Schedule 1.
Click here to learn more: https://www.accountingweb.com/tax/irs/irs-offers-modest-tax-break-for-modest-donations