Charity Tax Deductions
The benefits of charitable giving
Careful estate planning is Christian stewardship in action. When you plan for the future, you tell your loved ones that you cherish and care about them.
Planning your legacy. Investing in the future.
When you support Lutheran World Relief, you help some of the world’s poorest communities transform from survival to stability. Legacy gifts make an even bigger impact because they allow LWR to plan for and commit to more partnerships that bring lasting solutions.
Legacy giving can allow you to protect your assets, decrease your taxes, and even increase your current income while allowing Lutheran World Relief to augment its programs and reach even more communities.
In addition, If you make a donation, you’re qualified for a tax break on your previous year's taxes.
The CARES Act increases donation tax deductibility
As part of the Payroll Protection Program, Congress has authorized increases to the tax-deductibility of donations to charities.
Universal Deduction for Donations Up to $300:
For the 9 out of 10 people who no longer itemize their charitable giving, the CARES Act allows for $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is available only to people who take the standard deduction (for taxpayers who do not itemize their deductions).
Increasing the charitable giving deduction limits:
For donors who itemize their tax deductions, individuals can elect to deduct donations up to 100% of their 2020 AGI (up from 60% previously). Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%.
Partners In a lasting promise
The Donor Advisors at Lutheran World Relief can be a valuable resource in planning for your future.We look forward to speaking with you confidentially and without charge. There is no obligation.
This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Since estate laws differ from state to state, it is very important that you seek competent legal counsel before finalizing your estate plan.