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Expanded tax benefits for charitable donations explained
The IRS has issued an explanation of how expanded tax benefits can help both individuals and businesses give to charity before the end of this year.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several provisions to help individuals and businesses who give to charity. The new law generally extends through the end of 2021 four temporary tax changes originally enacted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The changes include:
- Deduction for individuals who don't itemize; cash donations up to $600 qualify
- 100% limit on eligible cash contributions made by itemizers in 2021
- Corporate limit increased to 25% of taxable income
- Increased limits on amounts deductible by businesses for certain donated food inventory