Speaking of donations, remember that in 2020 under the CARES act you can claim cash donations to 'existing charities' up to $300 even if you take the standard deduction rather than itemize.
"New tax incentives for charitable giving in 2020 came in March with passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The law gives donors who plan to take the standard deduction the option to claim an above-the-line deduction of up to $300 for cash contributions to operating charities. The CARES Act also gives donors who will itemize deductions an option to elect a 100% of AGI deduction limit for cash donations, and deduction amounts above this limit may be carried over for up to five years.2 With both options, the cash donations must be made directly to operating charities and cannot go to donor-advised funds, supporting organizations, or private foundations." [
www.schwabcharitable.org]
Edited to add - today I am making a preliminary run at my 2020 taxes because TurboTax has arrived. Not all schedules and forms are available yet, but enough to give me a good idea of adjustments I need to make by year end to be as tax efficient as possible.
Edited 1 time(s). Last edit at 11/28/2020 08:27PM by Flash.