12 Legal Ways to Reduce Your Tax Burden

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Make charitable donations

Helping another while paying less in taxes? YES! Charitable contributions that are made with checks, donations of goods, payroll deductions, cash, and clothing are ALL deductible. Unfortunately, most Americans tend to forget about these deductions.

According to Maceovsy, people have a tendency to forget about claiming contributions that don’t involve cash. Well, you are entitled to claim your non-cash donations if you itemize. If you don’t, the CARES Act, a.k.a. the Coronavirus Aid Relief and Economic Security Act, allows all taxpayers to deduct their cash donations of up to $300.

Bear in mind that the donations of $300 must have been made before Dec. 31, 2020.

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