advertisement advertisement advertisement Like most things during the COVID-19 pandemic, this Giving Tuesday and giving season in general may look a bit different than years past. Millions of Americans are facing food and housing insecurity, and the nonprofits they might turn to are facing financial hardships themselves. More people are in need while fewer people may be in a position to give. But there are new ways to navigate this giving season too, such as the fact that this year, thanks to the CARES Act, anyone can deduct the first $300 they donate. advertisement advertisement In 2017, the Trump administration’s tax reform plan nearly doubled the standard deduction, meaning millions more Americans would take that standard deduction rather than itemize their taxes. “While their tax filing was simpler, they no longer got a deduction for donating,” says Rick Cohen of the National Council for Nonprofits, the largest network of nonprofits in the country. When that change was first announced, public policy experts said it would de-incentivize giving and hurt small charities the most. Even before 2017, the National Council of Nonprofits and others in the philanthropy sector have been pushing for a universal tax deduction so Americans who don’t itemize… Read full this story
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Giving Tuesday: Everyone gets a tax break on the first $300 they donate to nonprofits in 2020 have 310 words, post on www.fastcompany.com at December 1, 2020. This is cached page on Business Breaking News. If you want remove this page, please contact us.
