Brand new ABOVE THE LINE deduction for Charitable Contributions!  The new tax law TCJA effective a few years ago, doubled everyone’s standard deduction reducing the number of taxpayers that continue to itemize their deductions.  Now, charitable contributions are deductible even if you itemize – $300 can be claimed as a deduction on your tax return in tax year 2020.  If you take that amount times your marginal tax rate of 22% federal and 5% state (estimated) you create tax savings of ($300 X 27%) or $81.

Pin It on Pinterest

Share This