A small ray of sunshine.
Some days I look at the calendar and think, “How is it already December?”
Other days I think, “Will this year ever end?”
Well, no matter what I think, it’s happening. The holidays are upon us. And it’s always a happy time for LSH, since many of you choose this time of year to show your generosity in supporting our mission.
And on that front, there’s good news this year, brought to you by the CARES Act that was passed last spring in response to the COVID-19 pandemic.
This year, donors who itemize their deductions can give more to charity before reaching their adjusted gross income (AGI) limitation. Formerly set at 60%, the limitation for cash contributions to most public charities has now been raised to 100% of an individual’s AGI for 2020 — and any giving beyond this 100% limitation can be carried over and used in the next five years.
For those who don’t itemize their deductions, the CARES Act allows for up to $300 in charitable contributions to qualify as an above-the-line deduction. You don’t have to itemize deductions in order to claim the $300 as a deduction. Qualifying donations must be made in cash or cash equivalents (as opposed to stock, for example).
Let’s face it, it’s been a pretty horrific year. Here’s a small ray of sunshine.
If you’d like to make a donation to LSH, you can do that here.