The CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help individuals, businesses and nonprofit organizations, like ILFI during the coronavirus pandemic.
Some key provisions are set to expire at year’s end.
When an individual supports a mission that is personally meaningful to them through a philanthropic contribution, their charitable donations may be tax deductible. Basically, these deductions reduce the amount of their taxable income.
Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. However with the CARES Act, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations, like ILFI. This deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.
A gift of $300 to ILFI could mean the difference in achieving a Living Future Accreditation. Or it could be what helps a student attend one of our events through our Just Scholarship.
In addition to the tax benefits, the CARES Act also temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. While this may be a relief to those who have a retirement account with this requirement, any taxpayers age 70 ½ or older can still make a qualified charitable distribution from their IRA – up to $100,000 – directly to an eligible charity, like ILFI.
Please consult with your tax advisor for more information on how exactly you can take advantage of these provisions while accomplishing your charitable goals for the year and supporting ILFI.
For more information about these changes, visit IRS.gov.
We are deeply grateful for your continued kindness and support during this dynamic time.
Please contact Corinna Krauskopf, Chief Development Officer, at corinna.krauskopf@living-future.org or at 206.223.2028×26 to discuss how your gift can help further our mission for a world that is socially just, culturally rich and ecologically restorative.
