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The Tax Cuts & Jobs Act enhanced the deduction for charitable contributions by raising the limit that can be contributed in any one (1) year.
The Tax Cuts & Jobs Act enhanced the deduction for charitable contributions by raising the limit that can be contributed in any one (1) year. The limit is now 60% of adjusted gross income (AGI), up from 50%. Assume your client still has a charitable deduction limitation due to their AGI. Recommend at least two (2) tax planning strategies to avoid losing the deductions. Provide support for your response.
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