The act provides main benefits for donors to the Voice of Prophecy and other non-profit organizations.
#1. Those who do not itemize can receive a deduction above and beyond the standard deduction for a charitable gift up to $300.
#2. In 2020 only, tax payers can deduct a charitable donation up to 100% of their adjusted gross income. In previous years it had been limited to 60%. This may be especially beneficial to those who experience a one-time windfall income or have a very low income and chose to live off their savings.
#3. For 2020 only, tax payers over 59 1/2 can take a case distribution from their IRA, donate that distribution to charity and then completely offset their potential taxable income from the distribution by taking a charitable deduction.
To learn more about these benefits and how they might help you, please watch the video below. To donate to the Voice of Prophecy, please visit vop.com/give or call 877-877-2487.