Providing personalized tax, accounting and consulting services to Evergreen, Conifer and the greater metro area since 1992

Eased retirement plan distribution options available for 2020

  Read full post...

Charitable Cash Donations - 2 new rules for 2020 only

Non-itemizers can claim an above-the-line deduction of up to $300.

  • If you don't itemize deductions on Schedule A, you can take both the standard deduction and an additional deduction for up to $300 in cash donations.
  • The donations must be made to IRS-qualified charities - those with 501(c)(3) status.
  • The $300 deduction is per return . (Couples who file jointly can deduct only $300,not $600.)

The charitable cash donation limit of 60% of adjusted gross income is suspended for 2020.

  • The suspension applies only to charitable cash donations made in 2020 and deducted on your 2020 Schedule A.
  • Contribution carryovers from prior years do not qualify for this increased limit.
  • If you've been thinking about making a large cash donation to a charity, this may be the year to do so, from an income tax perspective. Please discuss this with your investment advisor and our firm.
 Read full post...

Recent Posts