Cares Act Supports Charities, you can too!

If the holidays are a time when you usually think of making gifts to your favorite charities, we'd like to remind you of a few ways, some of them specific to 2020, that you can be generous  and save on your taxes. The CARES Act (Coronavirus Aid, Relief and Economic Security Act) enacted last spring includes several temporary tax changes to help charities. These provisions expire on December 31.

• If you claim the standard deduction on your taxes, you can also take a deduction for charitable cash donations up to $300 per tax return (not per person, if you are filing jointly). 
• This year only, if you itemize your deductions, you may deduct cash gifts up to 100% of your adjusted gross income (AGI) instead of the usual 60% limitation.
• While it may be true that the Required Minimum Distribution (RMD) has been waived for 2020 because of the pandemic, it's still smart, if you are over age 70.5, to make a Qualified Charitable Distribution (QCD) from your IRA, since any gift made directly from your IRA administrator to a charity will not count as taxable income. 

Elyria Catholic is a tax-exempt 501(c)3 charitable organization and would be grateful for your gift. 
The Elyria Catholic Annual Fund touches all aspects of the EC student experience and allows us to continue our tradition of educating young men and women in the Catholic tradition in Lorain County. You can make your gift to the Elyria Catholic Annual Fund at  www.elyriacatholic.com/give .

Donations and seat purchases to support continued renovations to our Elyria Catholic Performing Arts Center are also tax-deductible gifts. Please visit  www.elyriacatholic.com/performing-arts-center .

If you have any questions regarding donations to Elyria Catholic, please contact Michelle Hoffman, Director of Philanthropy & Engagement, at 440.230.8618 or  [email protected]. To learn more about how the CARES Act impacts your personal financial situation, please contact your tax advisor. Please note that this reminder of the provisions of the CARES Act should not be considered tax advice.