Consider accelerating your cash contributions to take advantage of limited-time tax benefits! The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new universal deduction of up to $300 for gifts made to public charities by taxpayers who will claim the standard deduction on their 2020 Federal income tax return.
For donors who itemize, up to 100% of their Adjusted Gross Income (AGI) can be deducted for gifts made to public charities. Ask your tax or financial advisor if making a gift before December 31 can give a boost to your favorite charity and reduce your 2020 tax bill!
1.) What are the benefits of the new 2020 Tax Breaks as a donor?
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act created a temporary tax benefit for cash donations to qualifying charities in 2020—so now is the time to act! Essentially, it is a $300 “above-the-line” deduction for non-itemizers. That means that people who are not giving at massive levels or otherwise do not have more than $24,800 ($12,400 if single) in tax deductions still get a charitable deduction. If a taxpayer does have more than those amounts and is itemizing, there is no limitation on the charitable deduction where we usually have about a 60% limit. There are also temporary rules for corporations to maximize the tax impact of their giving that employers or business owners can utilize this year.
2.) How can I get started?
Reach out to your tax advisor and confirm that your favorite charity will qualify. Most charitable organizations should be eligible, but I suggest double-checking. Also, reach out to your employer to see if they have a gift matching program to supercharge your impact.
Reach Out and Read Kansas City is excited to share the many faces behind our organization who give their time and resources to investing in the lives of youth in our community.
It’s time to highlight our first Board Member and Chair, Neesha Hitchcock! She has been with ROR-KC since 2017 and is an active member who brings so much joy and energy to every single event. Take a moment to get to know Neesha above!
Stay tuned for our next Board Member Spotlight next month!
Below is a bright bookmark in her year from an interaction with one of her patients:
There are many different transitions happening currently, for schools, for our nation’s government and the world. Sometimes it’s hard to remember that there are joyous things also happening amidst what has been a very chaotic year. So, with that in mind, I’d like to share with you a moment of joy during a recent well-child visit.
Last week I met Keelyn, an 8-month-old baby who came with his father for his check-up. I handed Keelyn his ROR-KC board book. He immediately grabbed it and his father, without a prompt, started talking to him about the pictures. They were smiling and laughing, demonstrating the important serve and return communication necessary for normal language development. It was easy to tell that these two have been sharing the love of books together for a long time. Keelyn showed me that his motor, social and communication development was right on track as I observed his interaction with the book and with his father. The book also kept Keelyn’s hands occupied, making it easier for me to complete his physical examination.
These are the memories that are so special – both for the family, and for me as a healthcare provider. For these unforgettable moments in my day, I thank our faithful donors. You allow me to provide joy, education and love for the families in my care, as well as priceless moments for me. This keeps me coming to work every day with hope for a healthy future for the children and families I care for. Thank you for all that you do to support ROR-KC!
And remember, keep safe, wear those masks, wash your hands, don’t touch your face, and review CDC guidelines for safe holiday gatherings by clicking here.