First, I wanted to let you know that this morning I spoke to one of the IFI board members about our end-of-year activities, challenges and opportunities. He asked if we’d met the $150,000 matching challenge for December, and I was happy to tell him that thanks to amazing people like you across Illinois (and the nation), we have now exceeded that goal–earlier than expected! The response to this matching challenge has been fantastic and encouraging.
THANK YOU to all who contributed!
But we don’t have to stop there!
Any donation given or mailed and postmarked by tonight (December 31st)
will benefit IFI’s critical work and ministry in 2022.
Second, that same board member called my attention to a little-known tax advantage that we have this year. While the increase in the standard deduction a few years back may have affected whether or not you itemize when filling out your tax forms, the IRS announced in September of this year some new incentives for charitable giving for 2021. Among those changes are two to note:
- Even if you take the standard deduction, individuals may claim up to $300 per individual ($600 per married couples) for charitable contributions.
- If you choose to itemize deductions, normally you are limited to a percentage of your adjusted gross income (up to 60%) that you may claim. For 2021, you are able to claim up to 100% of your adjusted gross income.
Since we are not tax attorneys, you may want to check with whoever prepares your tax returns.
This “bonus” opportunity seems be verified by this recent Wall Street Journal article titled “Making Year-End Donations? Get the Most Tax Bang for Your Charity Buck“:
Congress has made two key changes to enhance tax breaks for giving during the pandemic that expire after this year. One allows millions of taxpayers who wouldn’t normally get a tax break for donations to deduct up to $300 per single filer and $600 per married couple filing jointly. The other allows a full deduction this year for donors making gifts up to 100% of their income, instead of a partial one.
These changes, plus this year’s surge in the stock market and cryptocurrency values, make it a good time for charitably inclined taxpayers to focus on getting the most bang for their donation buck via tax-efficient moves.
In addition, the NBC affiliate in Indianapolis (WTHR) ran this segment recently:
This is an exciting challenge, a fantastic opportunity and a great reason to donate to your favorite charities! Of course, we hope IFI makes your list!
So, please help us usher in the New Year with a tax-deductible donation made today.
Your support will take us above and beyond our year end goal and will be added to the promised $150,000 match that a group of dedicated donors are sending in now. Yesterday’s donation totals put us over the top.
Thanks be to God.
Please join with us in praying that God would provide the resources, discernment and wisdom we need to move boldly into next year!
Thank you and Happy New Year!