Every year people come together on the Tuesday after the U.S. Thanksgiving holiday for GivingTuesday, a global generosity movement. As an emergency response to the unprecedented need caused by COVID-19, we are joining nonprofits and individuals around the world in a special #GivingTuesdayNow event. On May 5, people around the world will join together to drive an influx of generosity, citizen engagement, business and philanthropy activation, and support for communities and nonprofits around the world.
On May 5, Tri-County United Way is asking you to give back to neighbors impacted by the COVID-19 outbreak. People can show their generosity in a variety of ways during #GivingTuesdayNow–whether it’s helping a neighbor, advocating for an issue, sharing a skill, or giving to causes, every act of generosity counts. The giving day will emphasize opportunities to give back to communities and causes in ways that comply with public health guidelines.
When you give to the Tri-County United Way COVID-19 Response Fund on or before May 5, your donation will go to support people who have been impacted by the COVID-19 outbreak. These are neighbors who have lost their wages and tips. Families struggling to pay their bills. Children who are missing school lunches. Individuals experiencing homelessness who have been shut out of other services. To make a contribution, please visit www.tricountyunitedway.org
#GivingTuesdayNow Leadership Supporters the Bill & Melinda Gates Foundation and PayPal are already actively responding to COVID-19. Confirmed additional partners include original #GivingTuesday co-founder the United Nations Foundation powering the COVID-19 Solidarity Response Fund for the World Health Organization, the CDC Foundation, Facebook, LinkedIn, Guardian News and Media, the Aga Khan Foundation, United Way Worldwide, Candid, The Communications Network, Global Impact, Philanthropy Together, Teach for All, Worldwide Initiatives for Grantmaker Support (WINGS), with NBC News and MSNBC returning as GivingTuesday’s signature media partner.
Hundreds of communities across the United States led by volunteer leaders and by organizations like community foundations, United Ways, and giving groups will both raise funds and provide safe opportunities for supporting neighbors in need with other forms of civic participation and generosity.
There is no better time for acts of charity.There is a new financial incentive for Americans to give generously to qualifying charities, including Tri-County United Way 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 month 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 our local community during this health and economic crisis.
Here is the tax benefit break down for those taking standard deductions, itemized deductions and corporate giving:
Standard Deduction
For people who take the standard deduction, the CARES ACT allows you to take a tax deduction for contributions made to qualified charitable entities up to $300 per year starting in 2020 – this deduction is “above-the-line.” The 2020 Standard deduction is $12,400 for individuals and $24,800 for married couples filing jointly. Therefore, any donation to qualifying charities of up to $300 will be added to the standard rate of deduction. This deduction applies for 2020 and beyond.
Itemized Deduction
For people who file for itemized deductions, the CARES ACT allows you to take a tax deduction of up to 100% of your Adjusted Gross Income (AGI) for contributions to qualifying charities starting in 2020. The new law temporarily lifts the limits on charitable giving from 60% of a taxpayer’s AGI to 100% for 2020.
Corporate Donations
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.
About Tri-County United Way & Giving Tuesday
Tri-County United Way fights for the Health, Education and Financial Stability of every person in our community. The agency collaborates, convenes, and partners to support programs and initiatives that break the cycle of poverty, promote a healthy community where children are successful from kindergarten through graduation to a career, and where families have the tools, skills, and support they need to become financially independent. We win by living United. For more information about Tri-County United Way, visit www.tricountyunitedway.org.
Headquarters are at 696 Upper Glen Street, Queensbury, NY 12804. 518.793.3136
Created in 2012 at New York’s 92nd Street Y and incubated in its Belfer Center for Innovation & Social Impact as a day to do good, GivingTuesday has grown into a year-round global generosity movement with leaders who have launched more than 200 community campaigns across the U.S. and national movements in more than 60 countries. At the grassroots level, people and organizations participate in GivingTuesday in every single country in the world.
