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Deductions & credits
First, you can probably cut your "deductible" charitable contributions in half. Contributions to a qualifying charity fall in two basic categories. 50% charities and 30% charities. So if you contributed to a 50% charity then only 50% of your contribution is actually deductible from your taxable income. Likewise with the numbers if you contributed to a 30% charity.
Now for 2020 there is an "above the line" allowance of a maximum of $300 to a qualified charity. But even that won't help much on the tax front for many folks.
May 17, 2021
3:47 PM