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Tax Tip Tuesday #32, CARES Act- Donation Deductions

Published Tuesday, June 9, 2020 8:30 am

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The CARES Act, which passed in March, made several changes to tax deductions for charitable donations including offering individuals a $300 “above-the-line” deduction and increasing the itemized deduction percentage limitation on donations to 100% of AGI for 2020.

Businesses looking to help their communities can get an added benefit under the CARES Act that passed this year; the corporate deduction limit for charitable donations has been increased to 25 percent of taxable income for 2020.

Make sure you keep records of any donations you make this year and if you have questions about these deductions, contact Amanda Fricton at 770-287-7800 or africton@rushtonandcompany.com. Stay tuned for more tax tips or follow them on our social media accounts every #TaxTipTuesday!

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