One of the temporary changes created with the pandemic related legislation during 2020 was an increase to the deductible limits for cash contributions to qualifying public charities and limited types of private foundations made by individuals. The limits for 2020 and 2021 were raised to 100% of adjusted gross income for individuals who itemize deductions.
For 2022, these increases are going away and the deductible limit will be returning to the prior level of 60% of adjusted gross income for individuals who itemize deductions.
Please set a time to meet with one of our professionals if you wish to discuss your potential tax planning opportunities.
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