THE CARES ACT
Even in the midst of a pandemic and a time of unprecedented hardship for so many, this year has been incredible for Heirborn Servants. Through your support, we have been able to continue to transform the lives of women and children survivors one ride at a time. We have been able to impact over 67 women and 90 children this year…and the year is still not over.
By God’s grace and through your stewardship — Heirborn is making a tremendous difference for survivors by providing reliable transportation through rideshare and gifted vehicles. Our Give Rides Program not only provides transportation support, but we are bridging the gap for women and their children during the pandemic by assisting with rent, utilities, groceries, and more.
We would like to share some incredible and unique tax provisions in 2020 that can amplify your giving through Heirborn Servants. The CARES Act encourages charitable giving in 2020 and allows for above the line deductions for charitable contributions. Because of The CARES Act, you have the opportunity this year to give and experience significant tax benefits for you and your family.
1. You can take a charitable deduction against up to 100% of your 2020 adjusted gross income for federal tax purposes.
2. You can advance your 2021 giving before December 31 due to the CARES Act, allowing for a cash charitable contribution to erase up to 100% of your adjusted gross income. This is the first time since 2005 the IRS has allowed this.
3. You can claim an additional “above-the-line” deduction for charitable gifts made in cash of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction.
There are also the more traditional year-end options for giving available this year:
· IRA Rollover: If you’re 70-1/2 or older, you and your spouse can each give up to $100,000 from an IRA with no tax penalties and without adding to your taxable income. You also get an income deduction for your charitable gift whether or not you itemize your taxes. This is a great way to make a significant contribution and take advantage of tax-saving strategies.
· Appreciated stocks or property: This type of gift generates a tax deduction, and you can save significantly on capital gains taxes.
· Cash gift: Any generous donation you give, when dated and postmarked or given online by midnight December 31, 2020, may apply toward this year’s taxes. Click here to donate today!
If you would like to make a donation to Heirborn Servants you can do so by clicking the link here.
By God’s grace and through your stewardship — Heirborn is making a tremendous difference for survivors by providing reliable transportation through rideshare and gifted vehicles. Our Give Rides Program not only provides transportation support, but we are bridging the gap for women and their children during the pandemic by assisting with rent, utilities, groceries, and more.
We would like to share some incredible and unique tax provisions in 2020 that can amplify your giving through Heirborn Servants. The CARES Act encourages charitable giving in 2020 and allows for above the line deductions for charitable contributions. Because of The CARES Act, you have the opportunity this year to give and experience significant tax benefits for you and your family.
1. You can take a charitable deduction against up to 100% of your 2020 adjusted gross income for federal tax purposes.
2. You can advance your 2021 giving before December 31 due to the CARES Act, allowing for a cash charitable contribution to erase up to 100% of your adjusted gross income. This is the first time since 2005 the IRS has allowed this.
3. You can claim an additional “above-the-line” deduction for charitable gifts made in cash of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction.
There are also the more traditional year-end options for giving available this year:
· IRA Rollover: If you’re 70-1/2 or older, you and your spouse can each give up to $100,000 from an IRA with no tax penalties and without adding to your taxable income. You also get an income deduction for your charitable gift whether or not you itemize your taxes. This is a great way to make a significant contribution and take advantage of tax-saving strategies.
· Appreciated stocks or property: This type of gift generates a tax deduction, and you can save significantly on capital gains taxes.
· Cash gift: Any generous donation you give, when dated and postmarked or given online by midnight December 31, 2020, may apply toward this year’s taxes. Click here to donate today!
If you would like to make a donation to Heirborn Servants you can do so by clicking the link here.
