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Our Mission Statement Ronald McDonald House Charities of Northwest Ohio is committed to enriching the lives of children by providing comfort, care, and support to families in Northwest Ohio, Southeast Michigan, and beyond.
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CARES Act Expands Tax Deductions for Charitable Giving
Did you know the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created several opportunities for you to reduce your tax liability, while also helping support families at RMHC of Northwest Ohio?
The legislation, which passed in late March, expanded charitable giving incentives for taxpayers. Here’s how:
- You can now make up to $300 in charitable contributions, and deduct that amount on your 2020 taxes in addition to the standard deduction.
- If you itemize, the legislation removed the income limitation for deducting charitable contributions, meaning there is no longer a limit on how much you can give!
- Plus, the new law temporarily suspended required minimum distributions from your IRA for 2020.
For more information, talk to your tax advisor.
