Three New tax breaks under the CARES Act for 2020:
- Increased Deduction for Individual Cash Donations: Up to 100% of AGI (Adjusted Gross Income) is deductible in 2020. Historically this was limited at 60% of AGI.
- Increased Deduction for Corporate Cash Donations: Up to 25% of taxable income can be deducted for charitable cash contributions, historically it was limited to 10%.
- $300 Universal Deduction for any Charitable Cash Contribution: Non-itemizers can now deduct $300 for cash contributions, $600 for married couples filing jointly.
So what is it when you’re married filing jointly? $300 or $600? The attached article provides clarity on this somewhat confusing aspect of the C.A.R.E.S. act. Please click here for the article.
Opportunities to give…and to receive. A nice little plus on getting the tax break.
Please consult with your tax advisor for specific advice relative to your personal tax situation.
If you plan to drop off your year-end gift to St. John Vianney, keep in mind our reduced hours at the Parish Office for the holidays and get your gift in by Thursday, noon, December 31.
Faith Direct will be accepting one-time checking/savings account gifts until December 26 at 5:30 PM EST and live one-time credit card gifts until midnight on December 31.
Thank you for your continued support of our parish family. God Bless You!
Hours Christmas and New Years:
Christmas Eve, Thursday, December 24th – Closed
Christmas Day, Friday, December 25th – Closed
New Years Eve, Thursday, December 31st – 8:00AM – 12:00PM (Noon)
New Years Day, Friday, January 1st – Closed