As an added "blessing" from the CARES Act passed in March, individuals who do not itemize their tax deductions may take a new "above the line" charitable deduction of $300 per return (whether single or married joint filer), reducing a donor's adjusted gross income (AGI), and thereby decreasing taxable income. (This is a correction from the Christmas letter sent December 15th wherein we mistakenly wrote the amount is $600 if filed by a married couple). Individuals who do itemize may deduct donations up to 100% of their 2020 AGI, up from the previous limit of 60%.
Questions? Please contact your Parish Office.