The CARES Act suspended limits on charitable contributions for individuals and corporations.
For tax year 2020, individuals may deduct qualified charitable contributions up to 100 percent of their adjusted gross income. A corporation may deduct qualified charitable contributions up to 25 percent of its taxable income.
Both individuals and corporations can carry over to the next year contributions that exceed the AGI limitation. To qualify, the contribution must be:
For more information regarding tax planning and the CARES Act, please contact Wayne Pecht at (717) 761-4540.