Month: February 2016

Extension and expansion of charitable deduction for contributions of food inventory

The Protecting Americans from Tax Hikes Act of 2015 reinstates and makes permanent the enhanced deduction for contributions of food inventory for contributions made after December 31, 2014. For taxable years beginning after December 31, 2015, the Act modifies the enhanced deduction for food inventory contributions in the following ways: First, the 10% limit on charitable …

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