CARES Act Allows for New Deduction
The CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help you, businesses, and nonprofits facing economic hardship during the coronavirus pandemic.
In addition to the support that it is bringing to individual households, here are some ways it may affect your charitable giving for the year:
- All taxpayers may take a charitable deduction of up to $300, even if you don't itemize. You might think that this is a small amount and would not make a difference but consider if all parishioners gave “just” $300. Such support would have a huge impact on our mission.
- For those who do itemize, cash contributions to qualified charities (like Church of the Redeemer) can be deducted up to 100% of your adjusted gross income for 2020.
Reminder: More than 2/3 of Church of the Redeemer's operating budget comes directly from your financial commitment, you faithfulness and generosity.