With the end of 2020 coming soon, the Montana Department of Revenue has a reminder: Contributions to the charitable organizations and causes may be deductible on 2020 income taxes if made before the end of the year.
“Montanans donate generously to charitable causes in their communities and across the country,” said Gene Walborn, director of the department. “Now, when many of these organizations need our help more than ever, it’s is a great time to support what they do.”
For taxpayers who itemize their deductions, donations made by December 31 to qualifying charities may reduce their 2020 taxable income and help bring a larger refund or smaller income tax bill in 2021. Taxpayers claiming the standard deduction on their federal income tax returns may still claim itemized deductions on their Montana returns and lower their Montana income taxes.
Donations could be cash, vehicles, other items, or financial securities. Taxpayers should keep proof of the donations, including receipts, and be sure to give to an organizations approved by the IRS for tax-deductible donations. For more information, visit MTRevenue.gov/charitable-contributions.
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