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Are you a high income earner earning in excess of $500.000 per year? Ever wonder how you can cut your taxes on this much income? Here is an interesting yet little known change in the tax law.
Normally, if you donate cash to a public charity, you can deduct the contribution up to 60% of your adjusted gross income. However, for 2020, you can deduct 100% of your adjusted gross income as long as it is donated directed to a public charity and not via some other method such as using a charitable trust. I would bet that those of you who are very high earners were not aware of this change for this year alone.
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