Heaven & Alvarez

charity and taxes

Charitable Donation Deduction Could Lower Your Tax Bill

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020. Designed especially for people who choose to take the standard deduction, rather than itemize. In tax-year …

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charity and taxes

Small Business: Deductions for Charitable Giving

ax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. 1. Verify that the Organization is a Qualified Charity Once you’ve identified a charity, …

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