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New IRS program encourages charitable giving

New IRS program encourages charitable giving
Posted at 6:43 PM, Nov 25, 2020
and last updated 2020-11-25 18:43:25-05

With many charities in need amid the coronavirus pandemic, Congress approved a program that allows Americans to write off up to $300 in charitable donations without filing an itemized return.

The program, which was part of the CARES Act approved by Congress in the spring, is intended for those who take a standardized deduction. According to the IRS, 87% of tax filers take a standardized deduction.

The IRS encourages tax payers to go to the “Tax Exempt Organization Search” in order to ensure the donation is eligible for a tax deduction.

The IRS also reminds Americans to keep records of donations, such as obtaining a receipt of the contribution.

“Our nation’s charities are struggling to help those suffering from COVID-19, and many deserving organizations can use all the help they can get,” said IRS Commissioner Chuck Rettig. “The IRS reminds people there’s a new provision that allows for up to $300 in cash donations to qualifying organizations to be deducted from income. We encourage people to explore this option to help deserving tax-exempt organizations – and the people and causes they serve.”

More info can be found here.