Temporary Suspension of Limits on Charitable Contributions
In most cases charitable contributions that taxpayers can deduct on Schedule A are limited to a percentage of the taxpayer's adjusted gross income. For qualified charitable contributions made in calendar year 2020, however, the limitations have been changed to 100% of adjusted gross income.
Note there are penalties for overstating deductions on a tax return.
2020 Tax Returns
Tax returns will be more complicated for 2020. If you need the help of the CPA Superhero with your taxes this year I am willing to help you. I have clients all over the U.S. and in many foreign countries and for years my clients have been sending me their tax information digitally and we communicate via phone calls, emails, and video conferencing so the pandemic protocols are nothing new to me. I would be happy to help in this complex tax season. Contact me today using my email below to arrange an initial call to discuss your situation.
I also help people with IRS issues like back taxes and making arrangements to pay back taxes and in some cases settling them for less than what is due. If you need help with any of these types of issues please also contact me using my email below.
The IRS is sending agents to your home - If you are a high-income taxpayer who has failed to timely file tax returns
IRS Passport Certifications - IRS People First Initiative
Anxiety and Tax Problems - The CPA Superhero
Negotiating With the IRS to Work Out Tax Settlements - The CPA Superhero
Need to File Years of Tax Returns - The CPA Superhero
Can I Get an Installment Agreement for My Tax Debt? - The CPA Superhero
Be careful when reading about tax law and its application, including my articles, because the wording and definitions are such a challenge and are influenced by writers perspective, specifically his own clients situations that he is mindful of and other situations the writer is not thinking of. The point is talk to your CPA about your situation and circumstances and don't rely on or make conclusions based on articles you read, including articles form irs.gov, because concepts and definitions are not very clear, and of course, they are subject to change. Now is the time to be having discussions about your situation and developing strategies for you and your business. Again, contact me using my information above to discuss your situation. I help business owners all over the U.S. and in foreign countries with their tax returns.