The new year is just around the corner, and so is tax season.
Professionals at Turbo Tax say that one common question asked of tax preparers is whether or not political contributions are tax deductible. The IRS says no, they are not.
Some examples of what are not tax deductible are donations to a political candidate, party, advertisement or admission to dinners or programs that benefit a political party.
But, charitable giving is tax deductible.
If you volunteer, give cash or non-cash items to an organization with a 501-3-c organization, your donation can be deducted.
It is common for people to not report their donations due to the fact that you have to be able to itemize your return to qualify for the deduction.
However, this year the Cares Act allows for your charitable deduction of up to $300 on your 2020 donation to be deducted without itemizing your return.
There are several special circumstances for 2020 due to the Coronavirus, so be sure to speak with a qualified professional before submitting your taxes.