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CARES Act: Increased Deduction Limits for Charitable Contributions

6/09/2020

CARES Act: Increased Deduction Limits for Charitable Contributions

~ Author - Kaitlyn Cavallo, CPA, Deluzio & Company, Staff Acountant II ~

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers enhanced tax incentives for making charitable contributions for the 2020 tax year.

Individuals

In general, the itemized charitable deduction for individuals is limited to a percentage of the taxpayer's adjusted gross income (AGI). The percentage is determined by the type of organization receiving the donation and the type of property donated.   For the 2020 tax year, individuals can claim an itemized deduction for charitable contributions of up to 100% of their AGI.

Also, beginning in tax year 2020, an individual who does not itemize deductions can deduct up to $300 in cash donations made to certain charitable organizations, as an above-the-line deduction in calculating adjusted gross income. This allows a taxpayer to claim a deduction for a charitable contribution even if the individual does not itemize deductions.

Corporations

A corporation’s charitable contribution deduction is generally limited to 10 percent of the corporation’s taxable income, computed with certain adjustments. The percentage limit was temporarily waived for qualified contributions made by a corporation after December 31, 2017, and before February 19, 2020, for relief efforts in qualified disaster areas. Under the CARES Act, the percentage limitation on the charitable contribution deduction for corporations is increased to 25 percent for the 2020 tax year.

Food Inventory

Corporate and noncorporate taxpayers are entitled to an enhanced deduction for charitable donations of food inventory from any trade or business. The food inventory must consist of items fit for human consumption and be contributed to a qualified charity or private operating foundation for use in the care of the ill, the needy, or infants. Normally, a noncorporate taxpayer’s total deduction for food inventory donations during the tax year is limited to a maximum of 15 percent of the taxpayer's net income from all trades and businesses from which the donations are made during the tax year. In the case of a C Corporation, the deduction is limited to 15 percent of the corporation’s taxable income. Under the CARES Act, the deduction for the contribution of food inventory is increased from 15 percent to 25 percent for the 2020 tax year for both corporate and noncorporate businesses.

If you would like more information on how you may benefit from the modifications to the charitable contribution limits, please call our office. We are here to help you.