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Local Nonprofits Benefit From New Charitable Tax Deduction

Included in the COVID-19 Stimulus CARES Act is a new financial incentive for Americans to give generously to qualifying 501c3 charities such as churches, civic organizations, and other charities, including United Way of Lamar County and many of its community partners.

The new universal tax break for charitable donations will go into effect starting with the 2020 tax year.

The measure gives taxpayers an above-the-line deduction for up to $300 in charitable donations given in 2020. For example, if you take the standard deduction and give $300 to charity, you will get a $300 tax break in addition to the standard deduction.

For corporate donors, the CARES ACT allows an entity to take a tax deduction of up to 25% of their Adjusted Tax Income for contributions to qualifying charities starting in 2020. The new law temporarily lifts the limits from 10% of adjusted taxable income to 25% for 2020.

If you want to help the community and take advantage of these new tax incentives, one option is to give to the United Way of Lamar County’s COVID-19 Crisis Fund. Since setting up the Fund in mid-March, individuals, businesses, and foundations raised over $20,000. Nearly $10,000 has already been distributed to individuals and families economically impacted by the virus, assisting them with rent, utilities, water, phone/internet, and hotel stays.

For more information on how to give to the United Way of Lamar County’s Crisis Fund or how to donate to their 24 partner agencies, call 903-784-6642.