'The need just keeps getting greater and people are hurting out there,' said one IRS official.
As tornado victims in the south and Midwest dig out from the wreckage of the violent weekend storm, tax authorities and nonprofit industry experts highlighted a valuable charitable deduction for small-dollar donors that’s slated to expire in weeks.
Those contributions can do good for the world, and also do good for the size of a taxpayers’ bill. In some instances, a $600 deduction could trim a household’s tax liability by approximately $150, one expert previously told MarketWatch. “The need is great during the second winter of the pandemic,” Sunita Lough, commissioner of the IRS’s Tax Exempt and Government Entities Division, said during a Monday press event highlighting the deduction. “Because of the terrible events in our country with the tornado, the need just keeps getting greater and people are hurting out there.”To be sure, charities took in a record $471 billion last year, according to Giving USA.
Kershaw pointed to data showing that contributions of exactly $300 increased 28% on December 31, 2020. It’s a sign the tax incentive was doing its job, Kershaw said. “But more needs to be done.” IRS statistics on the number of households accessing the tax break last year were not immediately available.
That all boils down to less service for people in need, said David Thompson, vice president of public policy at the National Council of Nonprofits.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This Heated Folding Chair Will Keep You Warm Through Camping Trips And Outdoor ActivitiesIt's all you need for those chilly days and nights.
Read more »
When It Comes to 2021 Holiday Table Decor, More Is MoreThis year, it's all about cozy plaids, vibrant evergreen, and lots of taper candles.
Read more »
Here’s How to Know You Had an OrgasmIt’s not always as explosive as movies make it seem.
Read more »
Amy Schumer Leaves $30,000 Tip at the Manhattan Comedy Club Where She Got Her StartIt’s part of “The Great American Tip-Off.”
Read more »
Zoe Cassavetes and Ileana Makri Release a Fine Jewelry Ode to Greek HistoryThis duo created a capsule collection of jewelry that celebrates Greek history.
Read more »