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Charitable Contributions - More Tax Benefits!

For Individuals:

Charitable Contributions

  • 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.

For Businesses:

Charitable Contributions

  • 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.