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Stacy Lubbers
February 2, 2021

Temporary Changes in Charitable Deductions for 2020

When President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), provisions were implemented that temporarily changed the limitations on charitable deductions for donations and contributions made by individuals and corporations to Section 501(c)(3) tax-exempt organizations. These increased deductions are only active for the 2020 tax year, and only affect donations and contributions made before December 31, 2020.

The following chart outlines the changes in affect for the 2020 tax year:

 Class  Deduction Limits Pre-CARES Act  Deduction Limits Post-CARES Act
 Individuals (Itemizing)  Up to 60% Adjusted Gross Income   Up to 100% Adjusted Gross Income
 Individuals (Standard)    Up to $300 (or $600 if married filing jointly)
 Corporations  Up to 10% taxable income  Up to 25% taxable income

 


If you have any questions about planning your yearend charitable contributions or questions as a charitable organization explaining these changes to donors, please email us at firm@debeeclark.com or call (405) 232-7777 to speak with an attorney.

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