Cares Act Makes Giving to YA A Win-Win-Win!
CARES ACT MAKES GIVING TO YA A WIN-WIN-WIN!
And the winners are…your taxes, YA, but most importantly, the children we serve.
We’re getting technical for a moment to make sure you know the tax benefits of charitable giving in 2020 through the Coronavirus Aid, Relief and Economic Security (CARES) Act.
The new law allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize. For YA, $300 is an impactful gift that can be used to purchase art supplies for children, cover the cost of a day of virtual workshops to 100 students, or purchase equipment needed to connect artists to students.
For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as Young Audiences to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
The new law temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. This probably comes as a relief to many of you who would have had to withdraw a greater percentage of your retirement accounts. Many of our donors use their RMD to make a gift from their IRA. If you are 70½ or older, you can still make a gift from your IRA or name us as a beneficiary. In addition, there are some new ways you can receive financial benefits and help organizations like Young Audiences.
More tax incentives to donate in 2021!
The CARES Act from March 2020 established what’s called a “universal charitable deduction” for 2020. It lets taxpayers take the standard deduction and then also take a deduction for charitable contributions up to $300 without itemizing to get that deduction. In the December 2020 stimulus package, the write-off for 2021 increased to $600 for joint filers and kept the $300 for single taxpayers.
We are so grateful for your generosity and support that helps us continue to inspire young people and expand their learning through the arts. Donate at www.yanjep.org/donate.
Need more information?
Contact Ann Betterton, [email protected] or 609-243-9000 x205