2020 Corona Relief Tax ChangesDebbie Durbin | December 29, 2020
Take advantage of the 2020 Corona relief bill Tax Changes!
Expiring in a few days
- A $300 universal charitable deduction for all taxpayers, including those taking the standard deduction. Contributions under this provision must be in cash. Also, this deduction is per the “tax filing unit.” For example, a married couple filing jointly can only claim one deduction of $300.
- Suspension of the RMD from your IRA for 2020;
- Removal of the cap on cash gifts that you give to qualified nonprofits if you itemize.
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