Join Us in GROWING HOPE This Holiday Season
When giving a year-end gift in support of New Horizons programs and services, please don’t forget to do so before Jan 1, 2021.
What a year this has been! As we hope for a better 2021, we want to share an uplifting story of Yesenia’s success…
Yesenia is an essential worker at a grocery store in Northridge. She works in customer service, making sure carts are sanitized, aisles are stocked, and shoppers are helped with their holiday groceries. She loves her job during this season, and is thrilled to be earning a paycheck!
When Yesenia started with New Horizons a year ago, she was very shy, and didn’t speak much. She had been staying at home, with no goals or plans. She wanted to work, but was lacking the skills and confidence. She joined New Horizons’ GoGrocery employment training program, and learned not only about working in a grocery store, but a lot about herself in the process.
With over 66 years of experience, New Horizons does more than train, place and support people with disabilities in jobs. Through your support, New Horizons provides our Members (clients) with a chance for a full and fulfilling life, and the opportunity to be part of the larger community.
Together we GROW HOPE and build brighter futures!
With 2020 being such a challenging year, we want to assure you that New Horizons continues to provide remote training, independent living support, residential services, daily virtual educational/social programming and of course employment to over 800 individuals with disabilities. Our work and your support are needed now more than ever to keep our Members safe and productive in their jobs and homes.
Please consider a gift to New Horizons now to provide life-changing programs so Yesenia and others like her can continue to learn, evolve and participate as valuable members of our community. Your gift will GROW HOPE and create opportunities for those we serve.
Best wishes for a happy and healthy holiday season. We appreciate YOU!
John C. Brauer, M.A.
President & CEO
Holly S. Rasey
Senior Director of Development
Charitable Tax Deduction For Contributions to New Horizons
Enhanced Charitable Giving Incentives for 2020 for your consideration due to CARES Act. Please contact your financial advisor for your specific questions.
Thank you for your support!
CARES Act for Nonprofits – Friday, March 27, the Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic stimulus package legislated
to provide immediate relief for nonprofits.
New Deduction Available: Up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions to public charities like New Horizons. This is available if you take the standard deduction (for taxpayers who do not itemize their deductions). It is an “above the line” adjustment to income that will reduce your adjusted gross income (AGI), and thereby reduce taxable income. A donation to a donor advised fund (DAF) does not qualify for this new deduction.
New Charitable Deduction Limits: As part of the bill, individuals and corporations that itemize can deduct much greater amounts of their contributions. You can elect to deduct donations up to 100% of your 2020 AGI (up from 60% previously). Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%. The new deduction is for gifts that go to a public charity, such as New Horizons. The old deduction rules apply to gifts to private foundations. The higher deduction does not apply to donations directly to a Donor Advised Fund.
Appreciated Property/Assets: Gifting appreciated assess is beneficial for taxpayers because a current-year itemized deduction for the fair market value of the asset is allowed (subject to the applicable AGI limitation for noncash donations) and there is no tax liability on the increase in value from the original cost. Be sure to hold property such as stock for at least one year before donation. Otherwise, the deduction will be limited to the basis in the property, which is generally the original cost. This can be a very effective and tax-efficient way to support a charity, such as New Horizons. Gifting directly to the charity increases the amount of your gift as well as your deduction. One rule to remember here is that the deduction is limited to 30% of your adjusted gross income (AGI). If you’re not able to use the entire donation deduction this year, you can still carry forward unused deductions for five years. If you’re planning a large contribution that’s close to or exceeds these AGI limits, first talk with a tax professional. If you intend to donate stock to New Horizons please contact us by December 11 to allow time to receive the documentation needed to process the donation.
This information is not intended as legal or tax advice. For such advice, please consult your attorney or tax advisor. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. New Horizons’ federal tax ID number is 95-1862084. Thank you for your support of New Horizons!
