The CARES Act of March 27, 2020 put new measures in place to encourage all Americans to support nonprofits that have been working tirelessly to address the impacts of the COVID-19 pandemic. Since March, nonprofit organizations like Norwescap have gone above and beyond to help those most impacted by the ongoing health crisis. Through additional distributions of food and other essential items, rental and emergency assistance, and added childcare and family services, Norwescap helped thousands of high-risk individuals and families survive during this extremely difficult year. And we couldn’t do any of this without our generous donors!
It’s never been easier to give – and you can benefit from the adjusted tax laws too!
- If you do not itemize your taxes, you can still deduct up to $300 ($600 for married couples filing jointly) for donations made to 501(c)(3) public charities like Norwescap.
- If you do itemize your taxes, you can now deduct up to 100% of your Adjusted Gross Income (AGI) in contributions to 501(c)(3) charities (up from the previous limit of 60%).
- If you are donating through a corporation, corporations can deduct up to 25% of their taxable income (up from the previous limit of 10%).
Interested in other ways to give?
- Opening a Donor Advised Fund (DAF) allows you to set aside charitable dollars to donate later, while maximizing your tax deduction now. Already have a DAF? This is a great time to use the funds you’ve already set aside to support the work of your favorite nonprofit!
- If you are 70 ½ or older and you have an IRA, you can donate up to $100,000 to a 501(c)(3) public charity through a Qualified Charitable Distribution (QCD), which is not taxable and which will reduce the taxable income remaining in your IRA.
- By making a stock donation, you can deduct the gift from your taxes based on the value of the shares at the time of donation, and avoid paying capital gains taxes on the donated amount. For information on how to make a stock donation to Norwescap, call Heather Thompson at 908-454-7000 x1106.
- Consider naming Norwescap (or your favorite 501(c)(3) in your will/estate plans. Your legacy gift will help to ensure that the impact of your generosity is felt for years to come!
Talk to your financial advisor about how you can maximize your tax deductions – and make a real difference in your community – by supporting your favorite nonprofit organization.
Call Heather Thompson, our Chief Development Officer, at 908-454-7000 x1106 or visit Norwescap.org to learn more and to make your gift today!