01 Jun New Ways You Can Help RMHCK Families and Save on Taxes in 2020
Did you know you may be eligible for new tax benefits when you make a gift to Ronald McDonald House Charities of Kentuckiana?
As part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the following changes to charitable giving tax benefits were made to help support nonprofits like us.
- The Charitable Giving Incentive included in the CARES Act provides a new above-the-line deduction of up to $300 for all taxpayers whether they choose to itemize or to take the standard deduction. The incentive applies to contributions made to qualified charities during 2020 and would be claimed on tax forms next year.
- The CARES Act also increases the 60 percent of adjusted gross income tax deduction limitation to 100 percent if the donation is made directly to a qualified charity, like RMHCK.
- The CARES Act raises the annual deduction limit from 10 percent to 25 percent of taxable corporate income.
These incentives are covered in sections 2204 and 2205 of the bill. For more information, please refer to the entire CARES Act. As always, we recommend you talk to your tax adviser about how this could benefit you.
Make a difference today and support RMHCK’s COVID-19 Response Fund. Together we can continue to support families with seriously ill or injured children when it matters most.