Charitable Contributions - More Tax Benefits!
- A charitable deduction of up to $300 is allowed for taxpayers who do not itemize their deductions. Above the line!
- The adjusted gross income (AGI) limitation is waived for cash contributions made in 2020. Donor advised funds and private non-operating foundations are excluded.
- The taxable income limitation for 2020 charitable contributions made by corporations is increased from 10% to 25%, if the contributions are made in cash to qualified charities. Donor advised funds or other supporting organizations are specifically excluded.