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Thank you for your interest and support. In the Spirit of Giving and Receiving, we take this opportunity to illustrate some of the ways one can donate, increase and advance personal and estate planning while providing support to Catholic Charities of Corpus Christi, Inc.
Catholic Charities of Corpus Christi is delighted to work with potential donors in determining how they may wish to make a gift. The information provided below gives simple examples; however, Catholic Charities of Corpus Christi does not provide tax advice. Donors should consult their financial and/or tax advisors before finalizing their donations.
Catholic Charities of Corpus Christi, Inc. is a tax exempt 501(c)(3) corporation. All contributions are tax deductible as protected by law.
Mother Teresa said, "I can do things you cannot, you can do things I cannot; together we can do great things." We strive to do great things for all who pass through our doors.
Online Giving
https://catholiccharities-cc.org/give-to-catholic-charities
Cash Gifts
Personal Check, Money Order, Coin Collections. The easiest gift to make is cash. These are deductible for income tax purposes and subject to certain limitations.
By Mail
Catholic Charities of Corpus Christi, Inc.
615 Oliver Ct., Corpus Christi, Texas 78408
Pledges
You may spread your gift over six months and up to five years. Gifts are deducted on a monthly or yearly basis.
Life Insurance
If you have a life insurance policy, consider making Catholic Charities of Corpus Christi, Inc. the beneficiary.
Matching Gifts
Please check with your employer to find out if a matching gift program is offered. In some instances the matching is leveraged by the employer.
Thank you!
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End of Year Giving
Your Year-End Giving Makes A Difference!
There are certain tax benefits for charitable gifts named in the CARES Act economic stimulus bill, but to qualify you must make your gift before the end of the year. We hope you will consider a year-end gift to Catholic Charities of Corpus Christi, Inc. Thank you for your support.
Legislation known as the CARES Act, designed to rescue the economy from the effects of the coronavirus pandemic, was passed by Congress and signed into law by the president on March 27, 2020. Here is a summary of provisions applicable to charitable giving included in the Act, officially named the Coronavirus Aid, Relief, and Economic Security Act.
New Charitable Deduction for Non-Itemizers
Taxpayers who take the standard deduction rather than itemizing their deductions will nevertheless be able to claim a charitable deduction of up to $300 for cash donations made in 2020.
Higher Deduction Limits
Individuals in 2020 will be able to deduct cash gifts to the extent of their entire adjusted gross income, and the deduction limit for corporations has been raised from 10% to 25% of taxable income. However, the higher deduction limit does not apply if the gift was made to a supporting organization or for a donor-advised fund.
Required Minimum Distributions Waived in 2020
For the year 2020, there will be no mandatory distributions from retirement accounts (whatever the age of the owner), thus allowing those accounts to recover. The minimum age for making a tax-free transfer from an IRA to a charity remains at 70½, and the annual limit remains at $100,000. However, since cash gifts are deductible in 2020 to the extent of adjusted gross income, a person could withdraw and then contribute a larger amount - with the deduction offsetting the taxable withdrawal.
Waiver of Penalties When Retirement Funds Are Used for Coronavirus Purposes
If you are under the age of 59½ and withdraw money in 2020 from your retirement plan to cover expenses incurred by you or a family member related to treatment of the coronavirus, the 10% tax penalty will not apply, taxation of the distribution can be spread over three years, and the amount withdrawn can later be added without regard to contribution limits.
Contact Us and Your Advisors
The CARES Act is several hundred pages long and includes numerous provisions that could benefit you financially. Consult your advisors about these provisions, and contact us at (361) 884-0651 if we can help you with any gift-planning opportunities.
Thank You!