{"id":4833,"date":"2021-01-15T00:00:00","date_gmt":"2021-01-15T04:00:00","guid":{"rendered":"https:\/\/www.whitcomb.com\/charitable-giving-on-your-2020-taxes\/"},"modified":"2022-02-04T17:52:57","modified_gmt":"2022-02-04T21:52:57","slug":"charitable-giving-on-your-2020-taxes","status":"publish","type":"post","link":"https:\/\/www.whitcomb.com\/blog\/2021\/01\/15\/charitable-giving-on-your-2020-taxes\/","title":{"rendered":"Charitable Giving on Your 2020 Taxes"},"content":{"rendered":"\n<p>The CARES Act significantly loosened some of the rules governing charitable deductions for the tax year 2020. Here are some highlights:<\/p>\n\n\n\n<ul><li>Individuals will be able to claim a $300 above-the-line deduction for cash contributions made, generally, to public charities in 2020. This rule effectively allows a limited charitable deduction to taxpayers claiming the standard deduction. (This is not allowed for taxpayers who itemize deductions.)<\/li><li>The limitation on charitable deductions for individuals (generally 60% of modified adjusted gross income) doesn&#8217;t apply to cash contributions made, generally, to public charities in 2020. Instead, an individual&#8217;s qualifying contributions, reduced by other contributions, can be as much as 100% of the contribution base.<\/li><li>Similarly, the limitation on charitable deductions for corporations (generally 10% of modified taxable income) doesn&#8217;t apply to qualifying contributions made in 2020. Instead, a corporation&#8217;s qualifying contributions, reduced by other contributions, can be as much as 25% of modified taxable income.<\/li><\/ul>\n\n\n\n<p>No connection between charitable contributions and COVID-19 activities is required. Please contact your CPA with any questions you may have.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CARES Act significantly loosened some of the rules governing charitable deductions for the tax year 2020. Here are some highlights:<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[46],"tags":[105],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4833"}],"collection":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/comments?post=4833"}],"version-history":[{"count":2,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4833\/revisions"}],"predecessor-version":[{"id":5031,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4833\/revisions\/5031"}],"wp:attachment":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/media?parent=4833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/categories?post=4833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/tags?post=4833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}