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August 14, 2020In March, the Coronavirus Aid, Relief and Economic Security Act (or the CARES Act) became law. It provided 335 pages of actions by the federal government which were designed to protect individuals and the nation during the current pandemic. Most noticeably this provided most adults who file taxes with $1,200 checks to stimulate the economy.
Included in the legislation was a clause which allows for up to $300 in charitable gifts to be taken as an “above-the-line deduction” for those who take standard deductions on their taxes.
By giving a gift to a qualified charitable organization in 2020, like the Archdiocese of Oklahoma City or your parish, you can deduct up to $300 from your income. This allows donors who do not itemize their deduction to gain a benefit by supporting the Church.
Please visit www.archokc.org/give for ways to make a tax advantageous gift to the archdiocese.
Before filing your taxes, consult a tax professional to take advantage of this unique situation if you are eligible.