Enrolled Agent Exam [Part 1] 35, Charitable Contributions - Cash

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The maximum deduction for cash contributions to public charities is limited to 60% of Adjusted Gross Income (AGI). • Excess contributions over the 60% AGI limit can be carried forward for a maximum of five years. • A canceled check is insufficient proof for any single donation of $250 or more; a formal written acknowledgment from the charity is required. • The deductible amount of a "quid pro quo" contribution must be reduced by the value of any benefit or service the donor receives. • Pandemic-era provisions allowing non-itemizers to deduct charitable contributions have expired and are not applicable for the 2025 tax year. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep