Charitable Contributions (For the 2018 Tax Year)
FOR THE 2018 TAX YEAR:
Limit for charitable contributions is modified.
The limit on the deduction for charitable contributions of cash has increased from 50 percent to 60 percent of a taxpayer’s adjusted gross income. This means that some taxpayers who make large donations to charity may be able to deduct more of what they give this year.
FOR BUSINESS: A charitable donation deduction is available to businesses, but the actual amount deductible depends on the business form. A corporation is allowed a deduction of up to 10% of its taxable income; whereas, a pass-through entity is subject to an individual's limitations.
IN THE SPIRIT OF CHARITABLE GIVING: Here is 50% off the TAX TIPS Digital Planner: Code- 2019LAUNCH