FOR DONORS TAX RELIEF STAY INFORMED CARES ACT

"CARES ACT" STAY INFORMED

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TAX RELIEF FOR DONORS

Welcome Home is grateful toour donors and we're here toserve, so we think it'simportant you stay informed.

With the coronaviruscrisis upon us, communitiesare going to need help fromcharitable organizations morethan ever to climb our wayback to normal.

To encourage charitable givingin 2020, the recently enactedstimulus bill (the "CARES Act")provides some additional taxrelief for donors. This makes iteasier to give and save at thesame time.

Individual taxpayers who don’titemize may have an above theline deduction for up to $300 forcash donations to charities (notstock).

Individual taxpayers who doitemize don’t have the 60% limiton charitable deductions for 2020– there is no income limit oncharitable donations forindividuals for 2020.

Required minimum distributionsfor 2020 are waived.

Corporate taxpayers have anincreased limit – 25% of taxableincome (up from 10%).

Please consult with your tax advisor formore information.

Learn more at WelcomeVeterans.org