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Added on the 15/01/2021 19:33:19 - Copyright : Wochit
The IRS estimates that nearly 90% of US taxpayers take the standard deduction instead of itemizing. Under the new tax code, not itemizing made it virtually impossible to claim a tax deduction for contributions to charitable organizations. But according to Business Insider, the pandemic relief CARES Act has a provision incentivizing Americans to help others in need. It's an above-the-line charitable tax deduction. Beginning with 2020 tax returns, taxpayers can claim up to $300 in cash contributions made by December 31 to charity as a deduction without itemizing. The IRS says roughly 130 million American taxpayers could benefit by donating, as it reduces their taxable income.
The pandemic prompted the IRS to delay the federal tax deadline this year — for payment and filing — to July 15. A tax extension gives you an extra six months to file your return beyond the original April deadline. However, the extension timeline remained the same. According to Business Insider, the deadline to file a 2019 tax return for individual taxpayers with extensions is October 15, 2020. Remember, unless you've worked out a payment plan with the IRS, payments are usually due by the original deadline, not the extension deadline. However, military personnel in combat zones and people in federally declared disaster areas aren't subject to the October 15th deadline.
Spielberg (Austria), Apr 27 (EFE / EPA) .- The general director of Formula 1, Chase Carey, expressed Monday his confidence that the season can start the weekend from 3 to 5 July in Austria, with no audience on the circuit.(CAMERA: Christian Bruna)
Madonna has delayed the start of her upcoming 'Madame X Tour' due to more work needing to be completed on the "highly specialised production elements"
Maisie Williams just revealed she finished reading the season 7 script of Game of Thrones, and teased fans saying they're in for a hell of a season.
U.S. President Barack Obama attends an outdoor arrival ceremony in heavy rain, as the first sitting U.S. president to visit Laos. Rough Cut (no reporter narration).
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