Lovelady Family, Friends and Supporters, Nonprofits have long sought a "universal deduction," especially since the tax law a few years back basically doubled the standard deduction, thus reducing the number of people who itemize their taxes. The Lovelady Center saw a decrease in donations due to this increase to the standard deduction.Now, through the COVID-19 crisis, many nonprofits will suffer a one-two punch: a loss of contributions due to the recent stock market losses, plus increased demand for services.Due to the tax law, before the stimulus passed, only people who itemized their taxes could claim charitable deductions. Friday’s newly passed stimulus package allows non-itemizers to deduct up to $300 in cash giving for the 2020 tax year, according to an analysis of the legislation by the National Council of Nonprofits. Taxpayers who do not itemize will be able to deduct up to $300 in cash contributions for this one year of 2020.For those who itemize, the cap is lifted on annual giving from 60 percent of adjusted gross income to 100 percent. For corporate charitable giving, the annual limit is raised from 10 percent to 25 percent of taxable income. The cap on deductibility of food donations from corporations increased to 25 percent of taxable income, up from the current 15 percent cap.The Lovelady Center is in great need during this crisis and we are praying this advantage in the stimulus package, created to help nonprofits during this time, is something you will consider. $300 would go a long way right now. YOU are the reason we can continue to provide for and take care of the 240 women and 30 children in our building currently.Much love and admiration for all the help you give! We could not take care of them without you. Please continue to pray for us as we are praying for you! For updates on our 240 women, their 30 children, and our dedicated staff quarantined these last ten days in the building, follow us on Facebook. | 
No comments:
Post a Comment