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  • How to calculate itemized deduction for a cash contribution?

    Assuming the cash contribution is to a qualified charity, the taxpayer can deduct up to 60% of their AGI. For example, if the taxpayer had adjusted gross income of $100,000 and made charitable donations in the form of cash of $70,000 during the year, and then the deduction would be limited to $60,000 ($100,000 x […]

  • Can an S corporation take a deduction for charitable contributions?

    No, S Corporations are not allowed to deduct charitable contributions on the tax return. Charitable contributions would be separately stated and included on the K-1 for the individual taxpayer:

  • Are charitable donations tax deductible for C Corporations?

    Yes, but with certain limitations. C Corporations can deduct contributions to qualified charitable organizations, but the deduction is limited to 10% of the corporation’s taxable income.