Support WLHS

List of 5 items.

• WHAT ARE THE LIMITATIONS FOR WHAT I CAN DEDUCT?

  As part of the CARES ACT, individuals can elect 
to deduct donations up to 100% of their 2020 adjusted gross income. Normally, you can only deduct up to 60%. The new deduction is only for gifts that go to a nonprofit organization. The higher deduction does not apply to gifts to private 
foundations or donor advised funds.

• WHAT DOES THE CARES ACT MEAN FOR ME?

  There are great tax benefits this year. If you take the standard deduction (meaning you don’t itemize), you can deduct up to $300 per taxpayer in charitable contributions. This adjustment will reduce your adjusted gross income, which reduces your taxable income. A donation to a donor advised fund does not qualify.

• WHAT IS THE CARES ACT?

  On Friday, March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was put into effect. It is a $2 trillion economic stimulus package that provides immediate relief to people like you and me.

• WHERE CAN I GIVE MONEY TO TAKE ADVANTAGE OF THIS OPPORTUNITY?

  You can donate to any nonprofit organization that is a registered 501(3)(c). Wisconsin Lutheran High School qualifies, along with all of our 
conference congregations. To make a gift 
to Wisconsin Lutheran, click here.

• WHERE CAN I LEARN MORE INFORMATION?

  We encourage you to do your research. Visit 
home.treasury.gov/policy-issues/cares to read about the CARES ACT. Or, contact your financial planner/CPA for additional information on taking advantage of these tax benefits.