In this historical moment of uncertain global changes, The Museum of Latin American Art (MOLAA) invites you to find strength in the sustaining the Power of Art in all its possible manifestations. MOLAA remains dedicated to inclusion, diversity and culture, even in this time of social distancing. The support of our community is critical in helping us sustain our mission and keeping art accessible for all. With the generous support of our patrons, donors, and members, we are certain that we will build a foundation that is stronger than ever. Every day, our committed employees work to support the community we serve so MOLAA may open its galleries once again.
Give today to show your support for the Power of Art - something we all need now more than ever.
#GivingTuesdayNow is a global day of giving and unity, set to take place on May 5, 2020 as an emergency response to the unprecedented need caused by COVID-19. The day is designed to drive an influx of generosity, citizen engagement, business and philanthropy activation, and support for communities and nonprofits around the world. It’s a day when we can all come together and give back in all ways, no matter who or where we are.
All support is appreciated and makes a difference!
Eligible non-profits will be issued $1,000 matching grants on a first-come, first-served basis for donations made via GoFundMe. Click below to make a donation.
What about the new charitable tax deduction?
With the 2018 federal Tax Cuts and Jobs Act, a majority of people who were itemizing on their taxes no longer found it financially beneficial to do so. As a result, for millions of households, donations to nonprofits no longer reduce their taxes. The CARES Act allows – for the 2020 tax year – households to take up to a $300 tax deduction for donations to nonprofits even if they are not itemizing (that is, if they are taking the standard deduction). They will still need to have receipts and documentation of their donations.
Special note: Three types of donations cannot be used for this new deduction: donations to donor-advised funds, donations to private foundations, and non-cash donations.
There are also expanded charitable tax deductions for corporations and for taxpayers who both itemize and give more than 10% of their income to nonprofits. Encourage these taxpayers to talk to their tax preparers and financial advisers for details.
Charitable Giving Incentive: Creates a new above-the-line deduction (universal or non-itemizer deduction that applies to all taxpayers) for total charitable contributions of up to $300. The incentive applies to cash contributions made in 2020 and can be claimed on tax forms next year. Section 2204. The law also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the law raises the annual limit from 10 percent to 25 percent. Food donations from corporations would be available to 25 percent, up from the current 15 percent cap. Section 2205.