$300 Tax Deduction
I have been majorly slacking off on my blog, but I just had to inform you all about a t ax deduction that everyone needs to do for 2020 taxes. If there is one thing you do before the end of the year, you should read this and take action. For a pre-covid tax year, the only way that you could claim any charitable donations you have made is if you itemized your taxes. In December of 2017, Trump signed The Tax Cuts and Jobs Act that significantly raised standard deductions. When I say significant, he nearly doubled it; It is the highest deduction in American history. Before this, 46 million people would itemize their taxes and charitable donations were included in this and deducted, it is down to nearly 16 million since this new Act. I do not mean to say that this Act is bad, it is actually great and very beneficial to many. But for those that can no longer itemize, it meant that they could no longer take charitable tax deductions ... until this year. For this year only, thanks to the CA