As more and more nonprofits struggle to meet the increased demand of people affected by COVID-19, there is a new financial incentive for Americans to give generously to qualifying charities, including United Way of Lancaster County and many of our community partners. The new universal tax break for charitable donations was included in the final $2 trillion COVID-19 stimulus package signed into law last week and will go into effect starting with the 2020 tax year.
The measure grants 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.
Now is the perfect time to take advantage of this “above-the-line” opportunity and give to qualifying charities providing critical services to the Lancaster County community during this health and economic crisis. The Chronicle of Philanthropy outlines how the new deduction works.
- United Way urges Congress to act for America’s recovery - August 4, 2020
- Ephrata Area Social Services steps up emergency housing, food services during Covid-19 - July 23, 2020
- Excentia: Caring During COVID-19 - June 30, 2020