IRS COVID-19 benefit – Cleveland, Ohio

Cleveland, Ohio 2021-09-21 20:10:48 –

San Francisco (Kron) – If you donate in cash to a charity by the end of 2021, coronavirus Aid, Relief, and Economic Security (CARES) Act.

This includes a deduction of up to $ 300 for individuals and up to $ 600 for couples who donated cash to a qualified charity in 2021, the IRS said.

Generally, those who choose the standard deduction (9 out of 10 taxpayers estimated by the IRS) cannot claim donations for additional deductions. However, under CARES law, charitable donations by the end of the year qualify taxpayers to return more money.

According to the IRS, this benefit applies only to cash donations made in 2021 and applies to donations to most charities.

Here are some examples of charitable donations:

  • Churches, synagogues, temples, mosques and other religious groups
  • Federal, state, and local governments (if the donation is for public purposes only (for example, a gift to reduce public debt or maintain a park))
  • Non-profit schools and hospitals
  • The Salvation Army, American Red Cross, Care, Goodwill Industries, United Way, Boy Scouts of America, Girl Scouts of America, Boys and Girls Clubs of America and more.
  • Veterans group
  • Expenses paid to students living with you, sponsored by a qualified organization
  • Out-of-pocket costs for volunteering to serve a qualified organization

The IRS will notify taxpayers to keep a record of their donations if they plan to request a deduction. “Usually this involves getting a confirmation from a charity before submitting a return and holding a check or credit card receipt canceled for a cash donation,” the IRS said. say.

In 2021, there will also be changes to companies that donate to taxpayers and charities that have itemized deductions. For more information Check the IRS website.

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