2020 Tax Returns: Charitable Contributions Up to $300

2020 Tax Returns: Charitable Contributions Up to $300
Dr. Friday Tax Tips - One Minute Mo...

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Dr. Friday 0:00
Good day. I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one minute moment.

Dr. Friday 0:12
Something new on our 2020 tax returns is a charitable contribution up to $300 coming straight off of 1040. Not part of our itemizing that we normally have on our schedule A. Now this will help those individuals so you’ll take your standard deduction plus a deduction of $300. If you have charitable deductions of $300. One thing you need to remember though, if you donate a car, it may only be $250, but no more than $500 unless you can prove the charity sold it for more. This is very important because the IRS is checking this kind of stuff out. If you need help just go to our website drfriday.com.

Announcer 0:52
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