We thank you for considering the League in your year-end giving
As 2020 nears its end, so do the time-limited tax provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Now through December 31, 2020, cash gifts made to Save the Redwoods League can have a greater impact for both you and our beautiful redwood forests:
- Those who take the standard deduction may now deduct up to $300 in qualified charitable contributions of cash to the League and other qualified charities. Normally, no deduction is permitted. This is for everyone, even if you have no other itemizations.
- For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as the League to be deducted up to 100 percent of your adjusted gross income for the 2020 calendar year— up from 60 percent. Gifts to donor-advised funds and private foundations are not eligible.
- Why gifts from your IRA are still a smart way to give. Required minimum distributions from retirement accounts are suspended for 2020. However, individuals who are 70 ½ or older still can make a qualified charitable distribution of up to $100,000 from their IRAs. You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
We encourage you to consult with your tax advisor or counsel for advice as you consider your philanthropic and financial plans.
Here at Save the Redwoods League, we consider ourselves lucky to work with people like you and to be a part of a community that cares deeply for our redwood forests. If you have questions, please contact Deborah White, director of gift planning, at (415) 820-5828 or via email at dwhite@SaveTheRedwoods.org. Your generosity makes all the difference in our efforts to protect, restore, and connect all people to these special places for generations to come.