DID YOU KNOW??
The CARES act provides important tax incentives, which will expire on December 31, 2020:
As you consider a year-end gift to help our parish, please know that that the Coronavirus Aid, Relief and Economic Security Act (CARES ACT) was signed into law in March of this year and includes important tax incentives that will expire on December 31, 2020. A few highlights:
• If you do not itemize: Your CASH contributions to charitable organizations (such as our parish) are deductible “above the line” up to $300. This is a dollar for dollar reduction of your taxable income for the tax filing unit (so joint filers will receive one $300 deduction).
• If you itemize: Your CASH contributions to our parish can be deducted up to 100% of your adjusted gross income (AGI) (an increase from 60%).
• Corporations: Corporate contributions of CASH to public charities are deductible up to 25% of taxable income (an increase from 10%).
• No Required Minimum Distribution (RMD) requirement: Individuals who would have otherwise been required to take an RMD from their retirement plan in 2020 are not required to do so.