Three Things About That Special Charitable Contribution Deduction

For 2020 only, we have a special charitable contribution deduction, allowing up to $300 for those who don’t itemize. This allowance doesn’t follow the usual rules, though. Here are three things you’ll want to know about this charitable deduction.

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AMT Repeal?

Reduction in number of AMT taxpayersHave you heard that the Tax Cuts and Jobs Act repealed the alternative minimum tax (AMT)? Probably not, because the AMT survived. Yet it’s been whittled down to a shadow of its former self. For nearly all taxpayers, AMT repeal is a practical reality.

featured article: AMT Repeal, for Most

Note: This article kicks off a series on the profound changes made by the Tax Cuts and Jobs Act.