With the end of the year around the corner charitable donations are on some individuals’ minds to take advantage of last minute tax deductions. Charity donations in December account for 31% of giving for the year with 12% of giving occurring in the last three days. 28% of nonprofits raise between 26-50% of their annual funds from their year-end ask. It’s a pretty big deal.
In the new year, things may change due to the recent Republican tax reform that impacts every American.
The Tax Cuts and Jobs Act, will absolutely impact behaviors of Americans, rewarding some and penalizing others. Unfortunately, it may be nonprofits and charities that may be penalized.
It’s estimated that the tax law will drain $16 billion to $24 billion a year from the nonprofit sector.
The issue is that while deductibility of charitable contributions still exists the incentive decreases. While many give from their heart, that’s just not the case for all.
The law raises the standard deduction which decreases the need to itemize. No need to itemize, no need for that tax deduction to charity. You can only deduct donations if you itemize. Fewer deductions, fewer donations is the logic.
Numerous charities that impact the comic industry need your help and you can still donate in 2017 for deductions on your taxes filed next year.
Graphic Policy is asking you to support two worthy causes, the Comic Book Legal Defense Fund (CBLDF) and the Hero Initiative.
The CBLDF receives more than a quarter of their annual budget in the year-end gifts from supporters like you. If you are still finalizing your charitable giving plans, we ask you to please consider their worthy efforts. Donations to CBLDF are fully tax-deductible in the year they are given. Please help CBLDF continue their important work by making a donation today, either by giving a holiday gift of a signed graphic novel, becoming a member, or making a tax-deductible cash contribution. You can read their 2017 annual report now and see why they’re important.
All year round, the CBLDF works hard to protect the right to read. Their efforts combat the rising tide of censorship facing students, educators, and libraries, and we continue to provide a valuable safety net for creators and retailers.
The Hero Initiative helps comic creators in need. Formed in 2000, the organization is a safety net for comic creators in need. The organization became a not-for-profit in 2001 and has since granted over $700,000 to over 50 comic book veterans who helped build the industry in to what it is today. Their own website sums it up the best.
Hero creates a financial safety net for yesterdays’ creators who may need emergency medical aid, financial support for essentials of life, and an avenue back into paying work. It’s a chance for all of us to give back something to the people who have given us so much enjoyment.
Of course, you can always continue to donate because it’s the right thing to do too.