Take advantage of an extra $300 tax deduction this year

Dec 29, 2020

Have you made a donation yet this year? In 2020, you can deduct up to $300 in donations from your taxes if the standard deduction is taken, as part of the CARES act. (If you itemize your taxes, you may qualify for a charitable income tax deduction up to 100% of your Aggregated Gross Income, up from the previous 60% limit.)

As the pandemic continues, the needs within your local community continue to grow. With just two days left in the year, make sure to take advantage of this opportunity to maximize your tax benefit and make an impact in your community.

Note sure where to donate? Consider bringing your network together to pool your donations and make a bigger impact. If 10 of your friends all contributed $300 and decided together which nonprofit to support — you’d be able to give $3,000 — that’s a big impact! This simple concept is called a Giving Circle.

The Giving Circle movement has been growing quickly over the last few years. It’s bringing everyday donors together to donate to smaller, more local organizations that are often more diverse and more in need of every $1 to continue their important work in local communities.

Grapevine is a platform that helps these groups organize more easily and efficiently. You can set up your group in minutes, start collecting donations, and then direct them to the nonprofit of your group’s choice. Here’s how you can get started.

Step 1: Create your Giving Circle on Grapevine right here.

Step 2: Decide how often and how much you’d like your group to give. Some popular examples are $25 monthly, $100 quarterly, or $1,000 yearly. Consider seeding your Giving Circle with your $300 donation for this year (don’t worry, you don’t need to decide where to direct it right away!).

Step 3: Let your new group members nominate nonprofits for everyone to consider.

Step 4: Vote! Members vote on which nonprofit they’d like to collectively support and the nonprofit with the most votes receives the funding.

Step 5: Celebrate your impact and invite others to participate.

You can get started on Grapevine right away or reach out to info@grapevine.org to learn more.