December 4, 2022 | Doug Sauder
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The Bible tells us that God’s “faithfulness is a shield” (Psalm 91:4), that “all His work is done in faithfulness” (Psalm 33:4), and that His “faithfulness endures to all generations” (Psalm 119:90). Throughout 2022, a year full of opportunity and growth, we’ve continually seen that our God is faithful! And it’s been amazing to witness how He’s worked in, through, and around you, His Church.
Every year, we get to marvel at how He uses your generosity to advance the gospel and build up the kingdom of God here in South Florida and around the world. And this year was no different. As a result of your continued faithfulness and partnership, the Lord positioned our church to reach our community and change our world with the gospel. As we end 2022 and look forward to 2023, there’s still time for you to make a year-end gift with a grateful heart to our generous God.
Thank you for getting in the story this year!
Give a Year-End Gift
Check out the 2022 annual report to read powerful stories and stats that show God’s faithfulness, and the results of your generosity.
Whether you itemize deductions or not on your annual tax return, there are temporary opportunities in the tax law encouraging you to give right now—but those provisions are set to expire on December 31. This is so important that the IRS issued a special “tax tip” earlier this fall for generous givers like you. Here is a brief overview of the benefits meant to support your giving this year:
It may not make sense for you to itemize deductions every year—that is the case for many givers. But shouldn’t the tax code give some credit to your gifts? We think so, and thankfully Congress agreed! Right now, you can also deduct up to $300 contributed to Calvary during 2021—$600 if you are a married couple filing a joint return—even if you do not itemize and take the standard deduction.
If you do itemize deductions, this is for you. Usually, your eligible gifts cannot exceed a specific fraction of your income. But for gifts in 2021, you can generally elect to claim a charitable deduction for cash donations up to 100 percent of your adjusted gross income (consult your tax professional or read the IRS update noted below for limited exceptions).
If you run a business, there are incentives for you, too. The deduction thresholds for cash and food donations for many businesses have temporarily increased depending on your status as a corporation, sole proprietorship, and so forth. It is a benefit to explore with your accounting team.
Again, these incentives are slated to end this year, so please consider taking advantage of these opportunities before December 31, 2021. Finally, one more idea that is not in the IRS tax tip but is worth considering. You might reduce your tax bill by making a distribution from your IRA to Calvary. This can satisfy the required annual minimum distribution for taxpayers age 72 or older while not resulting in taxable income. It’s effectively another way to qualify for a charitable tax benefit — whether you itemize on your taxes or not!
IRS Update: “Expanded tax benefits help individuals and businesses give to charity in 2021” (Sept. 28, 2021)