Individuals and businesses may take advantage of temporary changes this year involving charitable contributions, the IRS recently announced.
Individuals may deduct qualified contributions of up to 100% of their adjusted gross income in 2020, while a corporation may deduct qualified contributions of up to 25% of its taxable income. Contributions that exceed the 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. Learn more.