2020 Tax Returns - Suspension of Limits on Charitable Contributions

 


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. 

The IRS specifies the contribution must be: 

Contributions of non-cash property do not qualify for this relief. Taxpayers may still claim non-cash contributions as a deduction, subject to the normal limits.

For more information see this irs.gov post. 

www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions

Note there are penalties for overstating deductions on a tax return. 

Also, there is a new deduction for charitable contributions for those that do not itemize their deductions and for 2020 tax returns this deduction is limited to $300.

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. 



Posts - 2020 Tax Returns







Posts - IRS Collection Issues and Options:







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.

What Should You Do With That Letter From the IRS



The CPA Superhero loves to help people in distress over their tax situation. Life happens to people and even good people get notices from the IRS. I have helped many people who have received letters from the IRS. Most people are really distressed about notices from the IRS but I am used to them and I can help with you with those notices. The key is to respond promptly, so rather than delay contact me today to set up an appointment for an initial conversation about your IRS notice. 

It is important to respond quickly to IRS notices because you are usually given opportunities that you can elect but you have to elect them within a certain numbers of days. So contact me today to discuss your notice and to keep your options open.

Be prepared too, because the first thing I am going to need in order to help you is a copy of your notice including all the pages. So if you can scan a copy and have it ready to send to me that will help you very much. 

Finally, know that most of the time the situation is not as bad as what people feel when they receive a notice from the IRS. Also, I am used to working with people in distress. Again, things happen to people and if you received a notice something happened and it is not the end of the world but it means we need to deal with it. But the hardest part is making the call, or in this case sending me an email to arrange an initial call to discuss your situation. So start now by emailing at jeff.jhtaxes@gmail.com to arrange an appointment  for that call via telephone, Zoom, Whatsapp or other options. 




Posts - 2020 Tax Returns







Posts - IRS Collection Issues and Options:







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.

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