No one should be hungry or homeless in our community.
The Nashua Soup Kitchen & Shelter, Inc. is a private, non-profit organization providingmeals, emergency shelter, food pantry and advocacy to homeless and low-income men, women and families with children. The soup kitchen, at 2 Quincy Street, serves dinner seven days a week and breakfast five days a week.
What the CARES Act Means for Your Charitable Giving in 2021
On December 27, 2020, another stimulus package was signed into law to help combat the far-reaching impacts of COVID-19. In many ways, this bill extends the charitable tax incentives enacted by the Coronavirus Aid, Relief and Economic Security (CARES) Act back in March 2020, but it also provides some additional provisions.
Are you itemizing deductions?
The adjusted gross income (AGI) limit for cash contributions to qualifying public charities remains increased for individual donors. For cash contributions made in 2021, you can elect to deduct up to 100 percent of your AGI (formerly 60 percent prior to the CARES Act).
The CARES Act allows for an additional, “above-the-line” deduction for charitable gifts made in cash of up to $300. Joint filers (who aren’t itemizing) will be allowed to take an above-the-line deduction of up to $600 in cash contributions to charity this year.
Interested in corporate giving?
The AGI limit for cash contributions also remains increased for corporate donors. In 2021, corporations can deduct up to 25 percent of taxable income (formerly 10 percent prior to the CARES Act).
CDFA Tax Credits
NSKS has been presented with a unique opportunity to address the challenges faced by those in our community who are struggling with homelessness. We have initiated a capital campaign to renovate a historic school building, on Spring Street in Nashua, into our new, expanded shelter. If you own a business in New Hampshire, your donation to our capital campaign can help both you and NSKS. We have received a grant from the State of New Hampshire, which can provide a 75% credit on New Hampshire State Business Profit Tax, Enterprise Tax, and Insurance Premium Tax, allowing your donation to have a significantly larger impact. Seventy-five cents of every dollar is a credit to your state taxes. The remaining amount is considered a deduction on your federal taxes.
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