We want to make sure that you were aware of the CARES (Coronavirus Aid, Relief and Economic Security) Act. The new tax law allows donors who itemize their charitable contributions to give 100% of their adjusted gross income. The donations must be in cash and not through a donor advised fund. This provision is limited to charitable gifts made in 2020.
For those donors who do not itemize, they can deduct up to $300 for contributions to qualifying charities or $600 for married couples. We know many donors are taking advantage of this new law by giving additional end-of-year cash gifts or accelerating their pledge payments. As always, we encourage our donors to check with their financial advisor to understand the advantages before exercising any new tax benefit.
If you wish to participate in this opportunity for the 2020 tax year and would like to make a tax deductible donation to Mary Queen consider our School Scholarship Endowment Fund, our GIFT fund, or a general Parish Donation
We hope that this information is helpful as you approach the end of this year.