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New Charitable Deduction Available - The CARES Act is providing a new charitable deduction for donors for 2020. Click here to learn more.

What are the Federal income tax deductions for charitable contributions included in the CARES Act?

The CARES Act makes a new charitable deduction available to individual taxpayers that do not itemize their deductions. This new benefit, also referred to as a universal deduction, allows for a charitable deduction of up to $300 per individual. This is an above-the-line contribution that is deducted from the individual taxpayer’s income prior to the calculation of their adjusted gross income. This is the one charitable giving benefit that will extend beyond the 2020 tax year.

In addition to the new universal deduction, for 2020, the Act provides incentives for both individuals and corporations by increasing the available deductions on qualified charitable contributions to:

  • 100% of their adjusted gross income for individual taxpayers who itemize their deductions. Beyond the scope of the CARES Act, the deduction for qualified charitable contributions made by itemizing individual donors is limited to 60% of their adjusted gross income.
  • 25% of taxable income for corporations. Up from the 10% limit which is generally applicable for corporations outside of the CARES Act.
New Charitable Deduction Available - The CARES Act provides a new charitable deduction for donors for 2020. Click here to learn more.

What are the Federal income tax deductions for charitable contributions included in the CARES Act?

The CARES Act makes a new charitable deduction available to individual taxpayers that do not itemize their deductions. This new benefit, also referred to as a universal deduction, allows for a charitable deduction of up to $300 per individual. This is an above-the-line contribution that is deducted from the individual taxpayer’s income prior to the calculation of their adjusted gross income. This is the one charitable giving benefit that will extend beyond the 2020 tax year.

In addition to the new universal deduction, for 2020, the Act provides incentives for both individuals and corporations by increasing the available deductions on qualified charitable contributions to:

  • 100% of their adjusted gross income for individual taxpayers who itemize their deductions. Beyond the scope of the CARES Act, the deduction for qualified charitable contributions made by itemizing individual donors is limited to 60% of their adjusted gross income.
  • 25% of taxable income for corporations. Up from the 10% limit which is generally applicable for corporations outside of the CARES Act.

For information on donating securities or to leave a legacy through planned giving, please contact the e3 Development team at 214.440.1101

e3 Partners Ministry, Inc. is a 501(c)(3) non-profit organization dedicated to financial integrity and transparency. e3 is a longtime member of the Evangelical Council for Financial Accountability (ECFA) , Excellence in Giving, and regularly submits to an annual audit. Gifts are solicited with the understanding that e3 Partners Ministry has complete discretion and control over the use of all donated funds. Contributions are tax deductible as allowed by law.