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The Tax Cuts & Jobs Act enhanced the deduction for charitable contributions by raising the limit...

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Advance Math

The Tax Cuts & Jobs Act enhanced the deduction forcharitable contributions by raising the limit that can becontributed in any one year. The limit is now 60% of adjusted grossincome (AGI), up from 50%. Assume your client still has acharitable deduction limitation due to their AGI. The client mightlose the charitable deduction because of achieving thislimitation.

  • Recommend at least two tax planning strategies to avoid losingthe deductions. Provide support for your response

Answer & Explanation Solved by verified expert
4.2 Ratings (817 Votes)
Strategy 1 The charitable deduction was retained amid the tax reforms but middleclass taxpayers may have far less incentive to donate to charity than they once did due to the greater standard deduction A pair of adjustments have been made One taxpayers can now deduct charitable donations equal to 60 of their incomes previously the limit was 50 Two    See Answer
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