Tax Benefits of the CARES Act

TAX BENEFITS OF THE CARES ACT

As we navigate through the challenges of the global pandemic together, we are deeply grateful for your continued kindness and support of the ORM. As valued members, we wanted to pass on some important information regarding the new CARES (Coronavirus Aid, Relief, and Economic Security) Act and how it may affect you and your charitable goals for the 2020 Calendar Year.

Below are some provisions for anyone who wants to make a difference in their community by making cash contributions towards a qualified charity, such as the ORM:

·     For taxpayers who take the standard deduction, a Universal Charitable Deduction of up to $300 ($600 for married couples) was created.

o EXAMPLE: This “above the line” adjustment to income will reduce your adjusted gross income (AGI) and thereby reduce your taxable income!

·     For taxpayers who itemize their deductions, cash contributions can be deducted up to 100% of their AGI.

o EXAMPLE: If you have a $20,000 AGI, you can give $20,000 to the ORM and deduct the full amount in 2020!

·     For corporations, the annual deduction limit has been risen from 10% to 25% of taxable income!

From all of us at the Oklahoma Railway Museum, know that we are thinking of you and wishing you and your loved ones safe and healthy days!

WAYS TO DONATE TO THE MUSEUM

1. One-time donation : Donations of any size are greatly appreciated and will help us get through this difficult time.

2. Monthly Donations : Set up an amount to be drawn from your account every month.

3. Consider Becoming a Member : Membership Benefits include:

• Two free train rides on regular run days (Does not apply to Day Out with Thomas, or Halloween or Christmas trains)
• Emailed copy of the ORM newsletter The Dispatcher
• Members’ picnic and train ride
• Opportunities for other rail trip activities
• Eligibility to become a train crew member or car host

4. Purchase a Brick : For $50.00 you can purchase a brick for you or a loved one. They are personalized and placed on the train platform at the museum.

5. Purchase a Giftcard : If you are looking for something to look forward to, you can purchase a gift card for future train rides, birthday parties or giftshop purchases. They never expire. (Giftcards can not be used on polar express tickets)