9 NOVEMBER 2020
Year-End Giving Tips & Deadlines
At the Community Foundation, we help you to be strategic and intentional in your charitable giving. We work to ensure that your donations make the greatest impact on the causes you care about while maximizing your tax advantages.
Now is the perfect time to give. When you make a donation to the Community Foundation before or on December 31, you are making a significant impact in the community we live in. Here are 4 tips to consider in making a year-end gift.
- Consider a gift of cash or securities
A gift of cash is a simple and easy way for you to make a gift. You will receive a charitable tax deduction that will provide you with savings on this year’s tax return.
Gifts Made Online: CFONCW.org/givenow
Gifts Made Via Check: 500 1st St. Suite 2600 | Wausau, WI 54403
*Checks sent by US Postal Service mail can be earmarked as a 2020 contribution if postmarked by or on December 31.
A gift of your securities, including your stocks or bonds, is an easy way for you to make a gift. By making a gift of your appreciated securities, you can avoid paying capital gains tax that would otherwise be due if you sold these assets.
Please contact our Director of Finance at [email protected] to receive instructions for making gifts of securities.
- Bundle your Donations with a Donor Advised Fund
If you are planning for a charitable tax deduction this year but are undecided about which nonprofits to support, consider opening a donor advised fund at the Community Foundation. You can claim a deduction for contributions to your fund now even though distributions from the fund might be made in future years.
- Use Your Qualified IRA Charitable Distribution
Age 70 ½? Charitable IRA Rollovers allow donors to avoid paying income taxes on their required minimum distribution while supporting their favorite causes in the community. These tax-free rollovers can benefit any public charity, although they can’t be donated to a donor advised fund. You may contribute qualified charitable distributions to any of our non-donor advised funds, or we can help you set up a new fund that fits your goals.
- Take Advantage of 2020 CARES ACT Provisions
The CARES Act establishes an above-the-line deduction (universal or non-itemized deduction that applies to all taxpayers) for total charitable contributions of cash up to $300. For taxpayers who itemize, the Act eliminates the cap on annual cash contributions, raising it from 60% of adjusted gross income to 100%. Any excess contributions available can be carried over up to the next five years. While gifts to donor advised funds are specifically excluded from these enhanced charitable giving provisions, donations to other funds at the Community Foundation are eligible, along with direct gifts to nonprofit agencies
Let the Community Foundation do the work for you. Working with the Community Foundation gives you access to our extensive knowledge of the local nonprofit community and the broad charitable needs of our region—so you can stay informed about the organizations you support and the effect your giving will have on the future of our community. We’re happy to discuss any options for accomplishing your charitable giving.