Tax Benefits For Charitable Givings Have Been Expanded!
Last December, the IRS enacted the Taxpayer Certainty and Disaster Tax Relief Act which provides several provisions to help individuals and businesses who give to charity. This extends through the end of 2021 with four temporary tax changes enacted by the CARES Act which are: deductions for individuals who don’t itemize; cash donations up to $600 qualify (for joint filers), 100% limit on eligible cash contributions made by itemizers, increased corporate limit to 25% of taxable income, and increased limits on amounts deductible by the business for certain donated food inventory. Many high net worth individuals use the donation as an effective strategy to reduce taxable income, however, while executing these strategies, it is important that understand how to carry out these strategies effectively. #tax #business #taxplanning #taxstrategies #taxes #strategy
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