Written by Susan Newhof
Gifts come in all shapes and sizes, and this year, you have some new ways to support your favorite non-profit organizations! Take a look:
- Recognizing that non-profits were hit hard by the pandemic, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act in March. It allows taxpayers who take the standard deduction to claim an additional $300 in charitable deductions for gifts given to 501©(3) organization, such as the Arts Council of White Lake-Nuveen Center (ACWL-Nuveen) and other charitable non-profits.
- Do you itemize on your taxes? You get a CARES Act break, too. For 2020, you can deduct cash contributions to a charity up to 100 percent of your adjusted gross income, instead of the prior 60 percent limit.
Consider also…
- Are you over 70½? You can give directly from a traditional IRA to a 501©(3) without having to declare that amount as taxable income, provided your IRA manager or trustee makes the payment directly to the charity, not to you.
- If you have stocks you’ve owned for more than a year and that have risen in value, consider giving those stocks, instead of cash, as a gift to a charity. The upside? You can donate them without having to pay a tax on any capital gains on them.
As we close out 2020, we are revving up the ACWL-Nuveen's endowment campaign and hope the tax options above will inspire you! Because of the enthusiasm and support of so many, we have already raised close to $300,000, well on our way to the goal of $500,000, which we plan to reach in 2021! To donate to the ACWL-Nuveen endowment fund, visit https://www.artswhitelake.org/endowment
We extend a huge thank you to everyone who has contributed to the campaign, and especially to those of you who have given several times in honor of special people and events in your life, or just because you believe in the mission of the Arts Council! Please keep the ACWL-Nuveen on your end-of-the-year charitable gift list, and remember, the George and Betty Hilt Foundation is matching endowment campaign earnings dollar-for-dollar, so the value of your donation is automatically doubled!
Together we are loving the arts… forever!