How The CARES Act Has Changed Charitable Giving Deductions
Many of you have likely heard about the CARES Act by now, but you may not realize HOW MUCH of an impact it really has. Our Mid-MO CPA firm has talked about how the CARES Act has affected small businesses and individuals, but have you ever wondered how it may be affecting charitable donation deductions? If so, this is the blog for you. Our CPAs in Central Missouri are here to explain how the CARES Act has changed charitable giving deductions in this week's blog. If you have any questions, please do not hesitate to give us a call at Wilson Toellner CPA. We have four offices throughout Mid-MO, one in Sedalia, Marshall, Camdenton, and Lake Ozark. All of our phone numbers can be found on our website at www.WTCPA.com.
The CARES Act has resulted in changes to deductions for charitable donations.
All of us here at Wilson Toellner CPA hope you found this blog enlightening and helpful when it comes to tracking your charitable donation deductions. We understand that this is a lot of information to take in at once, so if you have any questions on any of this, please do not hesitate to give us a call. We can be reached at the numbers listed below. You can also follow us on our social media channels listed below to stay as up to date as possible on our latest announcements. Throughout the COVID-19 pandemic, changes are constantly being made that can affect your taxes, so it's important for you to stay as updated as possible.
The CARES Act has resulted in changes to deductions for charitable donations.
- Individuals (who do not itemize) can receive a deduction from gross income for up to $300 for qualified charitable contributions for tax years beginning 2020
- Individual taxpayers are not limited to 60% of Adjusted Gross Income for cash charitable contributions for 2020. The cap has been raised to 100% of Adjusted Gross Income. Qualified charitable contributions in excess of this cap can be carried over five years.
- Corporate taxpayers are not limited to 10% cash charitable contributions for 2020. The cap has been raised to 25% of taxable income. Qualified cash charitable contributions in excess of this cap can be carried over five years.
Do Not Forget, The Tax Deadline Was Extended!
Remember, the tax deadline was extended until July 15th. So you still have time to get your taxes completed. Our CPAs in Mid-MO are still here to help. We are still working with our clients through phone, email, mail, and drop off of information only. Our offices are still closed to the public. Members of our team will be in our offices from 8:00 – 5:00 Monday through Friday to collect items that have been dropped off.
Want To Make Sure You Are Going To Receive The Correct Charitable Donation Deductions?
All of us here at Wilson Toellner CPA hope you found this blog enlightening and helpful when it comes to tracking your charitable donation deductions. We understand that this is a lot of information to take in at once, so if you have any questions on any of this, please do not hesitate to give us a call. We can be reached at the numbers listed below. You can also follow us on our social media channels listed below to stay as up to date as possible on our latest announcements. Throughout the COVID-19 pandemic, changes are constantly being made that can affect your taxes, so it's important for you to stay as updated as possible.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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