The Cares Act

The signing of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act has created a Universal Charitable Deduction of $300 for taxpayers. This is an “above-the-line” deduction, which means it will be available to all taxpayers, not just those who itemize.

Example: A taxpayer who takes the standard deduction and makes a $300 cash gift (not stock) to a qualified charitable organization, like their parish, may claim the $300 deduction in computing his or her adjusted gross income. The gift may be made at any time during the remainder of 2020. This deduction is in addition to the taxpayer’s standard deduction.

If you are interested in this, please contact our Parish Office.