We want to make sure you stay up to date on how 516 Project is Being the Light to our community. 2020 is off to an interesting start. Though our country and region are experiencing some turmoil due to COVID-19, we are still working hard to serve those in need and most importantly, to share the love of Jesus. God opened doors for us to serve and we’ve been able to continue doing exterior projects. Over the past several weeks we’ve installed multiple wheelchair ramps, repaired roofs, replaced a roof, added handrails for safety and much more. Thanks to your generosity, we’ve utilized donated funds for tools and materials needed to complete these projects. We’ve also been able to provide food and other resources for several families we served.
We also wanted to update you on some updated tax benefits to charitable giving.
The CARES act makes substantial changes to the 2020 tax year:
- Above the Line Deduction – If you do not itemize, previously you could not deduct charitable giving. However, now with the CARES act, you can deduct $300 of your contributions prior to your standard deduction.
- Increased Deductions – For those who itemized, previously, you could only deduct 60% of your adjusted gross income. CARES act increases this limit to 100%. This means if you typically spread out a large gift over two years to take advantage of the deduction, you may want to look at including it in one year instead. Anything over 100% can be carried over to the next 5 years.
- Corporation Benefits – Previously, corporations could deduct 10% of their taxable income. This has been increased to 25%. Anything above can be carried over to the next 5 years.
We are not tax professionals or CPA’s, so please discuss these with the tax professional you use for more details.
We want you to be part of our team. In 1 Peter 4:10, Peter tells us to use the gifts God has given us to minister to one another. 516 Project tries to live out this calling with each project we take on. Thank you for joining us on this journey to share the love of Jesus!