We are participating in this years #GivingTuesdayNOW a global effort to encourage people to do good. How can you participate?
HOW did you spread some good? email us here to tell us your story: email@example.com
GivingTuesday was created in 2012 as a simple idea: a day that encourages people to do good. Over the past seven years, it has grown into a global movement that inspires hundreds of millions of people to give, collaborate, and celebrate generosity. www.givingtuesday.org/about
You can upload a sketch as a part of our weekly challenge. Mail a handmade care to a friend. OR Donate to CVAC! Your generosity will go a long way during these unprecedented times. And did you know that you can donate up to $300 this year without having to itemize your taxes? Scroll down to learn more.
CARES Act for Nonprofits – Friday, March 27, the Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic stimulus package legislated to provide immediate relief for nonprofits (learn more about the impact COVID-19 has on wishes).
New Deduction Available: Up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is available only to people who take the standard deduction (for taxpayers who do not itemize their deductions). It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thereby reduce taxable income. A donation to a donor advised fund (DAF) does not qualify for this new deduction.
New Deduction Available: The bill makes a new deduction available for up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is particularly beneficial to people who take the standard deduction when filing their taxes (in other words for taxpayers who do not itemize their deductions). It is calculated by subtracting the amount of the donation from your gross income. It is an “above the line” adjustment to income that will reduce your AGI, and thereby reduce taxable income.