Your $300 tax credit will
send a child to camp for a week!
NEW $300 UNIVERSAL CHARITABLE DEDUCTION
Every cloud has a silver lining. Congress has granted their long-held wish for a universal non-itemized “above the line” charitable deduction so that all taxpayers can fully deduct at least some of their donations --- even those who don’t itemize!
Among its many provision of the CARES Act is a brand new universal deduction for charitable contributions. Taxpayers who don’t itemize may now deduct up to $300 per year in charitable contributions. If you are married and filing jointly, your deduction can be up to $600. Such deductions must be:
• in cash (no property like old clothing), and
• given to a 501(c3) public charity like Santiago Retreat Center
Since this is a universal “above-the-line” deduction, taxpayers don’t have to file Schedule A (itemize) to claim it. Instead, taxpayers deduct it from their gross income (along with all other adjustments to income) on the first page of their Form 1040.
Your $300 tax credit will send a child to camp for a full week! If you are married and filing jointly, your $600 credit can send 2 children to camp! Don’t miss this rare opportunity to use your CARES Act tax dollars to bring a young soul closer to Jesus.
This information is not intended as legal or tax advice. For such advice, please
consult an attorney or tax advisor. References to tax rates include federal taxes
only. State law may further impact your individual results.