New giving opportunities through CARES Act
COVID-19 remains a challenge for everyone. Like so many individuals, businesses and nonprofits, our agency has been impacted financially from coronavirus. Throughout the pandemic, our frontline staff has cared for the most vulnerable patients—the elderly, those with chronic conditions, and the dying. Your help is needed so we can continue to serve our patients in their homes and keep them out of the hospital and nursing homes.
Recently, new legislation was passed to encourage donations to nonprofits like us. Called CARES (Coronavirus Aid, Relief, and Economic Security) Act, the new law offer three key changes to tax deductibility for this year:
• All taxpayers can take a charitable deduction of up to $300, even if you do not itemize. A $300 gift to Community would have a huge impact on those we serve—and you don’t have to pay taxes on it. If you have an employer who matches gifts, your $300 gift could be doubled to $600 or more!
• If you typically itemize your deductions, the new law allows for cash contributions to qualified charities such as ours to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
• The new law temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. If you have had to withdraw a greater percentage of your retirement accounts, this probably comes as a relief. Many of our donors use their RMD to make a gift from their IRA. If you are 72 years or older, you can still make a gift from your IRA or name us as a beneficiary.
Join us in the fight against COVID-19 with a gift to our agency using these time-limited 2020 tax benefits. Contact give@chhh.org or 360.597.0717.
