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Underneath the pandemic aid system, taxpayers can deduct around $three hundred, even when they take the regular deduction. And in some cases if $three hundred doesn’t audio like A great deal, it’s “a huge offer” for the needy.
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There are some specifics to keep in mind. To qualify for your deduction, the donation should be designed in cash (having to pay by Examine or charge card is OK); stock, volunteer hrs or donated items don’t qualify.