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Tax Tip Tuesday: Tip #51, CARES Act – Cash Contributions are Deductible 100%

November 10, 2020

local accounting firms near me - Amanda Fricton Certified Public Accountant Bio IMGFor 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!