The Importance of Sports and Arts:
Sports and arts can play a crucial role in a child's development. They can help with physical fitness, coordination, and discipline, among other things. They can also boost self-esteem and provide a creative outlet. Unfortunately, many children from low-income families miss out on these benefits because they can't afford to participate in these activities.
How the Global Family Support Foundation Helps:
The Global Family Support Foundation provides financial assistance to young athletes in low-income families so that they can participate in sports and arts programs. In addition to providing funding, the foundation also offers mentorship and guidance so that these children can reach their full potential.
It's important to support young athletes in low-income families so that they can have the same opportunities as their wealthier counterparts. The Global Family Support Foundation is one organization that is making a difference by providing financial assistance, mentorship, and guidance to these deserving children.
What Can I Deduct?
The IRS allows taxpayers to deduct any cash or property donations made to qualified 501(c)(3) organizations. This includes donations made through payroll deductions, as well as donations of appreciated securities or real estate. It's important to note that, in order for a donation to be deductible, it must be made directly to the organization and not through a third-party such as GoFundMe or Kickstarter.
Additionally, the IRS imposes limits on the amount that can be deducted in any given year. For cash donations, the limit is 60% of your adjusted gross income (AGI). For property donations, the limit is 30% of your AGI. However, any excess donations can be carried forward and deducted in future years until the total amount donated reaches the AGI limit for that year.
If you're looking for a way to reduce your taxable income and help out a worthy cause, look no further than donating to a 501(c)(3) nonprofit organization. Not only will you feel good about giving back, but you'll also get some great tax benefits in return.
So why wait? Donate today! Of course, before making any decisions, please consult with a tax professional to ensure that you are taking advantage of all available deductions. Happy giving!
As we close out another year, now is the perfect time to take advantage of tax deductions by donating to Global Family Support Foundation - A 501(c)(3) nonprofit organization.
All donations are tax-deductible and go towards supporting families in need around the world. Give today and not only will you feel good about helping others, but you'll also get some great tax benefits in return. Consult with a tax professional to ensure that you are taking advantage of all available deductions and happy giving!