Have You Made Your 2020 Contribution?

Have You Made Your 2020 Contribution?
Posted on 12/22/2020
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Did you know that following special tax law changes made earlier this year, each donation of up to $300 made before December 31, 2020 is now tax-deductible even if you take the standard deduction?

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes helping non-profit organizations like our school. This includes the special $300 deduction designed especially for people who choose to take the standard deduction on their annual tax return, rather than itemizing their deductions.

Under this change, individual taxpayers can claim an 'above-the-line' deduction of up to $300 for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income— translating into tax savings for those making donations to qualifying tax-exempt organizations, like Immaculata High School.

Please support our annual fundraising efforts this calendar year.

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