Business & Financial Solutions
Business & Financial Solutions
TAX HELP SERVICE AND PREPARATION
(855) 557-2222
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Temporary Changes Regarding Charitable Contributions For 2020

In 2020, individuals and businesses can take advantage of temporary changes regarding charitable contributions.

Individuals can deduct qualified contributions of up to 100 percent of their adjusted gross income in 2020. Corporations can deduct qualified contributions of up to 25 percent of their taxable income.

Any contributions exceeding that amount can carry over to the next tax year 2021. Also, for 2020, a special rule is now in effect. It allows for enhanced deductions by businesses for contributions of food inventory for the care of the ill, needy, or infants.

Office Locations In Maryland

5100 Buckeystown Pike Ste 250, Frederick, MD 21704

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17 W Jefferson St Ste 007, Rockville, MD 20850

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Office Location In Virginia

7918 Jones Branch Drive, Ste 405, Tysons VA 22102

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Office Location In Texas

101 E. Park Blvd, Suite 600 Plano TX 75074

About BFS

Visit us in McLean Virginia, Frederick or Rockville, Maryland (Washington DC Metro Area)or Plano Texas

Phone toll free: (855) 557-2222
Fax: (240) 297-1054
E-mail: info@bfswebsite.com

Business & Financial Solutions is a tax and accounting CPA firm. Our offices are located in Fairfax County, VA, Collin County and Denton County, TX, Montgomery and Frederick Counties, MD. Our company is highly motivated in helping individuals and companies (private and non-profit) become successful in start-ups. BFS offers assistance with ongoing small to mid-size business management, consulting, accounting and a variety of tax services.

Maryland, Virginia, Washington DC, Texas
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