Are you a supporter of the Jacksonville Historical Society? Do you itemize your tax deductions?
As Jacksonville nears the six-month mark of the onset of the coronavirus pandemic, we miss visiting personally with friends and supporters like you at our educational programs, many of which we have postponed or moved online.
Most nonprofit organizations like the Jacksonville Historical Society face uncertainty as to how to budget staff salaries, building maintenance and all our other ongoing expenses. Our May fundraising event, the Great Jacksonville Fire Run (a 5K event in downtown), has been postponed until next year. Income from event and space rentals has stopped. We understand that many JHS members face similar uncertainty.
The Jacksonville Historical Society has been fortunate to be able to continue working for this community during the crisis. Even in good times, we are a lean organization. This year we have been extra-cautious about proceeding with necessary projects, such as the renovation of the second floor of our Casket Factory building into a modern archive.
In the home stretch of 2020, we want you to know that the CARES (Coronavirus Aid Relief and Economic Security) Act passed in April made it attractive, this year, for taxpayers to support the charitable causes that matter to them. Here’s how: Taxpayers who do not itemize their returns may deduct up to $300 per year in charitable contributions to a 501(c)(3) public charity, such as the Jacksonville Historical Society. Taxpayers must keep a written record of monetary contributions, and of course the JHS acknowledges in writing all donations, regardless of the amount.
For taxpayers who itemize, charitable contributions may be deducted in amounts up to 100% of adjusted gross income (AGI). For example, if your AGI is $100,000, you may deduct $100,000 in charitable contributions and wipe out your income tax liability entirely. For corporations, the CARES Act increased the limits to 25% of taxable income. Donations in excess of 25% may be deducted during the following five years. (Always consult your tax adviser to confirm the best tax strategy for your circumstances.)
You can direct your donation to the Jacksonville Historical Society to:
Sustain our daily operations.
Help us complete the Casket Factory renovation.
Launch our planned music history museum.
Will you consider taking advantage of the CARES Act in support of the Jacksonville Historical Society?