Want to Reduce Your Taxes & Help Others?

Congress has made some positive changes amid the Covid-19 pandemic that you should consider taking advantage of.  If you do not itemize your taxes, the CARES Act allows an “above-the-line” deduction for individuals making cash charitable contributions up to $300 or $600 for a married couple.  Make sure to get this extra charitable deduction in if you are using the standard deduction.  Not only is it good for you, it is helping others!  The CARES Act also modifies the limitations of how much a person may deduct if you itemize your taxes.  Previously, an individual generally could have deducted up to 50% of the individual’s gross income.  With the CARES Act, an individual may deduct up to 100% of adjusted gross income.  For corporations, it changed from 10% of taxable income to now permitting corporations to deduct cash contributions up to 25% of taxable income.