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.