REDLANDS, Calif. - As corporations prepare for this year's tax filings, there's no better time to make strategic plans about how to maximize corporate deducations for 2020. And a great way to lower your tax burden is through charitable giving.
To encourage charitable giving, the Internal Revenue Service allows corporations to deduct the amount of both cash and noncash (in-kind) donations to charities “ thus, lowering their own taxable income “ as long as:
¢ The nonprofit has tax-exempt status (ask for a copy of their 501(c)(3) documentation if unsure)
¢ Donations reported on a single return stay limited to 10 percent of the corporation's taxable income (excess donations can be deducted on future tax returns for up to five years)
¢ The corporation retains documentation of cash donations, including written acknowledgement for any gift over $250
As part of your tax planning for the year, consider maximizing your deduction with a donation to Disabled Veterans Charities. Disabled Veterans Charities is a tax-exempt 501(c)(3) organization per IRS classifications whose mission is to fund local Southern California programs that provide services and support to at-risk veterans and their families, with an emphasis on eliminating homelessness.
By making a corporate donation, your dollars will aid area programs that provide much-needed assistance to at-risk veterans, such as transitional and permanent housing, mental health counseling for PTSD, depression, and anxiety, employment and career support, and help for survivors.
œCorporate donations are a win-win by extending our impact and a company's tax write-off, said Disabled Veterans Charities General Manager Jo Anne Rodriguez. œWe are grateful for the continued support of corporations that donate to Disabled Veterans Charities year after year and hope more corporations throughout the U.S. will take advantage of available tax breaks in exchange for helping at-risk veterans and their families in Southern California.
About Disabled Veterans Charities
Established in 1968, Disabled Veterans Charities (DVC) has a long history of supporting Southern California veterans from all branches of the armed forces and their families by funding local nonprofit programs. Through grants to deserving area programs, DVC helps at-risk veterans and their dependents access the services, resources and support they need to face the challenges of homelessness and improve their lives.
To learn more about Disabled Veterans Charities, visit
dvcstores.com, call 800.435.7328 or email dvc.california ( @ ) verizon
dot net dot To make a donation, you can give directly on the
organization's website through the PayPal link dot
