4807 West Seminary Avenue PO Box 15067, Richmond, VA 23227

Temporary changes regarding charitable contributions

Per the IRS:

"Individuals and businesses may take advantage of temporary changes this year involving charitable contributions.

Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income in 2020, while a corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year. For 2020, a special rule is also in effect allowing enhanced deductions by businesses for contributions of food inventory for the care of the ill, needy or infants."

Non-itemizer (standard deduction) individual taxpayers may deduct up to $300 ($600 for married-filing joint taxpayers in 2021) for cash contributions to qualifying organizations.

The devil is always in the details, so please consult with me before acting on anything you read here or elsewhere.

"A stitch in time saves a bird in hand."