In response to the COVID-19 outbreak, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES) in March. The law provided more than $2 trillion in funding to help individuals and businesses affected by COVID-19. The CARES Act also provided additional support for non-profit organizations as they continue important mission work in communities across the country.
One notable element of this non-profit support is a series of tax incentives for charitable giving. People who make donations to eligible non-profit organizations by December 31, 2020 can benefit from some of these temporary changes. What does this mean if you are thinking about donating to a charity like Respiratory Health Association?
- You can donate up to $300 and make a one-time deduction from your 2021 tax return. You do not have to itemize these deductions.
- If you itemize charitable giving when filing taxes, there will not be a limit to how much you can deduct on your 2021 return. This was previously capped at 60 percent of your adjusted gross income.
- Companies can now deduct up to 25 percent of their charitable gifts and food donations made during 2020.
- The law removes required minimum distributions from retirement plans. However, you can still make charitable gifts from these accounts to reduce your taxable income for 2020.
We understand many are experiencing hardship during these times, but if you are in a position to donate, we need your help. Individual gifts to Respiratory Health Association support programs helping those living with lung diseases like chronic obstructive pulmonary disease (COPD), asthma, pulmonary fibrosis and lung cancer. As you may know, people with these conditions are at a greater risk of serious illness if they get COVID-19. To address these concerns, we continue to expand our resources for vulnerable populations during the pandemic.
We have added new educational resources, highlighted by a monthly webinar series to address important lung health issues. In November, we hosted another webinar series for people living with COPD, their caregivers, and families. We also continue to develop resources to help people living with lung disease — like guidance about COVID-19 and COPD and asthma. And we’ve created updated information about smoking as a risk factor for severe effects from the coronavirus and updated tips to help you quit smoking or vaping, along with offering our smoking cessation programs virtually. We’re also working to assess and meet the needs of pulmonary rehabilitation leaders and provide at-home resources for patients who are unable to attend in-person rehabilitation sessions.
If you’d like to support RHA’s work toward healthy lungs and clean air for all, you can donate here. If you have questions about ways to give to RHA, click here or e-mail Anastasia Schriber at [email protected].
Please note this information on the CARES Act and non-profit support is not intended as legal advice. Please refer to a financial professional for questions you may have.