MIDDLETON, Wis. – The new tax law has many non-profits concerned going into the holidays. In the season of giving, some experts say non-profits could be losing out on tens of billions of dollars this year.
One of those non-profits concerned is the Gilda’s Club in Middleton. It’s still recovering from more than a million dollars in flooding damage. Now to add onto that, Gilda’s is uncertain what the new tax plan will mean for them.
The plan approved by congress in 2017 nearly doubles the standard deduction for individuals and families. While that simplifies the filing process, it will likely complicate the process for many who have made a habit of deducting their charitable contributions. The standard deduction rose to $12,000 for individuals and $24,000 for married couples, so many taxpayers who used to itemize deductions may find it’s no longer beneficial to do so.
As a result of the tax change, the charitable deduction would be out of reach of more than 87-percent of taxpayers. The Joint Committee on Taxation estimates that itemized deductions will drop by $95-billion this year.
This leaves some non-profits, Gilda’s Club especially, facing a new challenge.
“For us, to continue to raise funds through year-end so we can bring our clubhouse back to 100-percent is critical for us so that families don’t have to wait when they need the support the most,” said Lannia Stenz, Executive Director and CEO.
Obviously it’s been a tough year already for Gilda’s as it been forced to move and deal with all the after effects of the flooding. They’ve spent the last few months spread out in different parts of the city, continuing to run programs for families.
“Even though there are many people who believe in the mission of Gilda’s Club and the work that we do, there are still people who are not able to give or choose not to give because there isn’t going to be a tax benefit to them,” Stenz explained. “But the hope is that they will return to us and continue to support us and our work because there are families that are facing cancer today that need our help.”
If everything goes as planned, Stenz tells News 3 they hope to be back up and running in their building by January. She’s asking the community to remember the local non-profits and charities this holiday season, who rely on you at home in moving forward successfully into the new year.
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