For individuals who itemize their deductions, the CARES Act allows cash contributions to qualifying charities to be deductible up to 100% of AGI for 2020. The law prior to the CARES Act limited deductions to 60% of AGI.
For more information please contact Andrew Beauchamp at (770) 287-7800 or abeauchamp@rushtonandcompany.com. Stay tuned for more tax tips or follow them on our social media accounts every #TaxTipTuesday!