Another great year for donations.
Nonitemizers can write off up to $300 in CASH charitable contributions; $600 for couples married filing jointly.
Itemizers can give cash or noncash charitable donations up to 100% of AGI and reduce their taxable income. After 2021 the limitation goes back up to 60% of AGI
Ensure the charity is a 501(c)(3) organization before donating, this can be done by searching the IRS website HERE.
As always our tax plan for business owners or investors bundles this knowledge and MUCH more into account to create your individualized tax plan to be used for YEARS. Feel free to text, email, or call us to see how a tax plan could benefit you.