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Charitable contributions

July 10, 2020 04:19PM
Just a question as I was finishing my taxes up for this year and no longer file schedule A to claim charitable contributions. Has anyone run any charitable contributions through their business side. I have donated to the Red Cross, Alzheimer's Assoc. etc. Thoughts.
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July 10, 2020 09:44PM
Interesting idea. Could be possible.
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July 11, 2020 08:18PM
Wish I had thought of that this year! Will definitely look into it for next filing ...
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July 11, 2020 08:32PM
As I recall, check it out first though, the federal govt announced a few months ago that for 2020 they will allow $300 in charitable donations even for those who do not itemize...this is for 2020 only and for personal taxes and may be only cash donations.
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July 11, 2020 10:46PM
I take my Goodwill receipts to my Tax Dude. While I get the receipts during shops, he puts them under my personal taxes.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton
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July 14, 2020 12:40AM
I would guess that the higher your business income the more likely you are to do that successfully. Otherwise, it's just asking for trouble.

@Equine24 wrote:

Just a question as I was finishing my taxes up for this year and no longer file schedule A to claim charitable contributions. Has anyone run any charitable contributions through their business side. I have donated to the Red Cross, Alzheimer's Assoc. etc. Thoughts.
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July 14, 2020 02:00AM
Here is an answer to your question.l I have no idea if this website is legitimate but I read the same thing on several websites. I would suggest you try to donate the $300/$600 for a couple donation deduction limit for this year which personal taxes are allowing. However, the way things are going perhaps the govt will allow the $300/$600 again next year.

[www.thebalancesmb.com]

"New Deduction Available: The bill makes a new deduction available for up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. ... Individuals can elect to deduct cash contributions, up to 100% of their 2020 adjusted gross income, on itemized 2020 tax returns."
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July 14, 2020 04:07AM
That definitely answers the question! Thanks Sandy.
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July 15, 2020 09:17PM
Yep. The rub here is "itemized returns". A Schedule C for self-employment is NOT an itemized return.
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