Ordinarily, charitable deductions are only available as an itemized deduction. When you file your federal taxes, you have an option to take itemized deductions or the standard deduction. The standard deduction in 2020 is $12,400 for an individual and $24,800 for a married couple filing jointly. In other words, even if you don’t have any itemized deductions, you can still claim the standard deduction. So, in order to itemize your deductions, you’d need more of the itemized deductions than the … [Read more...] about It’s Better to Give, Especially This Year
