At DIFFvelopment we are passionate about providing our family of supporters and beneficiaries with pertinent business and wealth-building information. That is why on GivingTuesday through our inaugural event, Where We Are Because of You, we gave the public the opportunity to not only learn about our impactful plans for expansion, but to also learn about how to save on their taxes.
According to the IRS, this year, thanks to the Coronavirus Aid, Relief and Economic Security (CARES) Act there is a special tax deduction available for cash donations (i.e., check, credit card or debit card) of up to $300 made through December 31, 2020 to qualifying charities, designed especially for the average American who takes the standard deduction. These tax deductions will be easy to report via the electronic Form 1040 in 2021 and will lower both adjusted gross income and taxable income–translating into tax savings for those making donations to qualifying tax-exempt organizations.DIFFvelopment is a qualifying tax-exempt organization that seeks to address the social justice issues impacting Black people all over the world by developing Black visionary leaders who take responsibility for developing solutions to the issues Black people face. Help us to empower the next generation by supporting our extended GivingTuesday campaign here.