Recurring giving is an easy, automatic way to support the Institute that works for your budget and schedule. It is convenient, customizable, and environmentally friendly, and helps ensure a steady source of funding for MSMT.
Once you have entered your payment information and submitted your recurring gift, MSMT will automatically deduct gifts from your credit card according to the amount, frequency (monthly or annually), and duration (the total number of payments) you provide. And don’t worry—your online donation is secure and flexible.
NEW TAX DEDUCTIONS
If you are considering making a donation to MSMT, please note the following:
People who make smaller gifts will be able to deduct them up to $300. Presently, only those who itemize their income tax deductions are able to use a charitable deduction. For the rest of 2020, an individual will be able to deduct up to $300, irrespective of whether or not they itemize their deductions. This “above the line” deduction can be used for contributions only of cash (not stock) to qualified charitable organizations. This will be helpful for organizations as they ask for donations through email, direct mail, and in person from donors who usually make smaller gifts.
People who make larger gifts will be able to deduct a much higher amount. Under current law, an individual may deduct up to 60% of their adjusted gross income (AGI) for charitable deductions of cash. The stimulus package lifts that restriction, so that an individual can make a gift only of cash (so once again not stock) and deduct it up to 100% of their AGI for the year 2020. This is an election, so the donor who wants to use this provision must tell the IRS so. This is helpful for major donors; it could allow a person to make charitable gifts that eliminate their tax burden. Any contributions in excess of total AGI may be carried forward for up to five additional years, which is yet another benefit and planning tool. This may not be used to fund Donor Advised Funds or Supporting Organizations.
This tax break would take effect in 2020, so you would claim the break when you file your 2020 return next spring.