As the year ends, many of us begin considering donations to charities. Not only is the holiday season a time of giving, it's also the last chance to make tax-deductible donations for the year.
On March 27, Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This law provides unprecedented support for nonprofit organizations and is the largest stimulus package in U.S. history.
This act also affects the tax deductions you may make to the organizations you support.
Here are some important updates to tax deductions, effective for contributions made in the calendar year 2020:
- Standard deductions: Tax deduction of up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions for people who claim the standard deduction when filing taxes.
- Itemized deductions: Individuals who itemize their taxes are now able to deduct up to 100% of their charitable contributions in 2020, rather than the previous 60% limitation.
These tax incentives apply to cash contributions only.
With that being said, here are three organizations that could use your support in 2020.
The Special Olympics of Oklahoma
Did you know that Special Olympics is Oklahoma's largest sports organization for people with intellectual disabilities? When you donate to Special Olympics International, you'll contribute the equipment, attire, and health supplies that can help transform an athlete's life — both in Oklahoma, and around the world.
More than 50 years ago, Special Olympics launched a global movement to break down barriers and end discrimination against people with intellectual disabilities.
Since then, this peaceful revolution has been changing lives all around the world. Join "The Revolution Is Inclusion"—and be part of a powerful new generation that celebrates all differences, all abilities.
In addition to regular donations, you can join the Special Olympics Legacy Challenge. You can activate an immediate donation of 10% of your future gift's value, up to $10,000, to make an even greater impact – today and in the future. For more information, visit solegacygiving.org or sook.org.
The Salvation Army of Central Oklahoma
Christmas isn't Christmas without the familiar ringing of the bells. The Salvation Army Central Oklahoma City Area Command may be more visible during the holidays, but this organization offers aid, shelter, food, hope, prayer and companionship to Oklahomans in need all year round.
With two emergency shelters, four senior centers, a food pantry and food kitchen as well as two Boys and Girls Club and social services, The Salvation Army in Central Oklahoma touches every age group, demographic and race in the city.
For more information, visit salvationarmyokcac.org.
Infant Crisis Services
Raising a new baby is difficult in the best of times. The challenges of 2020 have made some families enter crisis mode.
Infant Crisis Services provides formula, food, diapers, blankets, clothing, and other basic necessities by appointment. Call (405) 528-3663 to schedule an appointment. These services are available four times annually to children birth – age 3.
In addition, Infant Crisis Services partners with Junior League of Oklahoma City on a bimonthly basis to provide new car seats to families in need.
A $25 donation provides a week's worth of formula, $40 provides diapers for an entire month, and a $200 donation provides shelf-stable food for 28 toddlers for a month.
For more information about Infant Crisis Services and donating, visit infantcrisis.org.