Last week my husband and I sat down for a two-hour budget intensive - what was essential, what was recurring, what we could excise from our finances, to lighten the load in an uncertain future. One thing we steadfastly keep in the budget are charitable donations. Especially now, organizations that help others - food pantries, women’s shelters, animal shelters, and of course PBS39 - are so critical. It will be one of the last things I allow to come off any budget. That and as much chocolate as I can find.
After the 2017 tax bill, taxpayer charitable contribution limits changed and most people now take the standard deduction on donations. This led to a decrease in donations, not surprisingly. However, I was delighted to discover I am encouraged - by the law! - to donate more. It will benefit me next tax season, and it will immediately help keep organizations moving.
Read on for more here. CARES Act Implications for Charitable Giving (Thompson Coburn)
Nonprofits should use this new change not only in communications to current donors, but to encourage new support - it helps us all.