CARES ACT Makes Donating More Convenient Than Ever!
Updated: May 6, 2020
Due to the unprecedented need to help communities facing COVID-19, Giving Tuesday is launching a day to help give back to charities sooner than after Thanksgiving. Tuesday, May 5, has now been designated as Giving Tuesday. FYI has continued working to support the local community throughout this time of social distancing. · The Parenting Network has reached parents through phone call appointments and has helped them with donations of diapers and wipes. · The Real Life…Teen Choices program has created videos to reach students who are learning at home. · Mentors have been in touch with their students, helping them navigate through the everchanging world. · Mentors have been able to reach juveniles in the Clark County detention center through video chats. · The Community Garden has been tended to and has potato towers in place and plots that are ready to flourish. · Our Dominic’s Bikes campaign has given away 27 bikes to foster children. Donating to charities in 2020 comes with a new tax break that is part of the CARES Act. Taxpayers who normally use a standard deduction can donate up to $300 to a qualifying charity and list it as an “above the line” deduction. We are one of these qualifying charities. Click here to read more about the CARES Act.
If you are required to take a Minimum Required Distribution (RMD), you can reduce your tax liability by sending the funds directly from your IRA to the qualified charity. Checks can be written by the holding organization or you can use checks provided for your IRA by the holding organization. As a result, your adjusted gross income is reduced by the amount of the gift and if you donate enough you may be able to to use the standard deduction and take advantage of the above the line $300 deduction.
Will you consider donating to us this Giving Tuesday? Your contribution will help people in your local community immediately…and it may even help you with next year’s taxes!
Thank you in advance – we could not do what we do without you!