Due to the COVID-19 pandemic and CARES (Coronavirus tax Relief and Economic Impact Payments) Act, the IRS has temporarily suspended limits on charitable contributions. Per the IRS website, this means “In most cases, the amount of charitable cash contributions taxpayers can deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60 percent) of the taxpayer’s adjusted gross income (AGI). Qualified contributions are not subject to this limitation. Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income. A corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year.”
Take advantage of this one-time suspension by making a cash contribution by December 31, 2020. To learn more about Charitable Contribution Deductions visit the IRS website here (Charitable Contribution Deductions).
Contact Sid Johnston if you would like to make a charitable contribution to the Foundation by year-end (p: 817-639-2367 or e: email@example.com).