Greetings from Buffalo Bill Center of the West!
With the end of the tax year approaching, there is no better time to give than today. The current gifting rules are attractive as donors enjoy a certainty about their 2020 tax treatment and are given special exceptions that apply to the current year only. Make your gift count more for the Center and for yourself. Give today!
Here are some strategies to help you maximize the tax benefits of your charitable giving in 2020
- If you itemize deductions on your tax return, consider using cash to make a year-end gift or pay off a pledge. As part of the CARES ACT, you may deduct gifts of cash up to 100 percent of your adjusted gross income (AGI) for this calendar year only. The CARES Act includes several additional provisions that impact charitable giving, such as a $300 universal charitable deduction for those who use the standard deduction.
- If you are age 70½ or older, consider making a Qualified Charitable Distribution (QCD) from your IRA. Two new laws took effect this year that may impact your decision to give through a QCD: The SECURE ACT adjusted the minimum age for taking a required minimum distribution (RMD) from 70½ to 72, and the CARES Act waived the RMD altogether for 2020. These changes do not affect your ability to make a tax-advantaged QCD starting at age 70½. Please consult your tax adviser about these changes and their impact on your giving strategy.
- If you are interested in a guaranteed income stream, consider a charitable gift annuity or charitable remainder trust.
- If you have experienced gains in the financial markets this year, consider donating appreciated securities to the Center to avoid paying capital gains taxes.
- If you would like to make a gift to the Center and receive an immediate tax benefit—but are still deciding what program(s) to support—consider making a donation to the Center Pandemic Response (CPR) Campaign, where your donation will be matched dollar for dollar up to $1.5 million.
For more information about tax-efficient giving opportunities at the Center, I invite you to reach out to me in the Development Department.
You may contact me directly at [email protected] or 307-578-4008.
We also encourage you to speak with a financial and/or tax adviser, if you have not already done so, to determine what strategies may be best for you and your family.
Thank you for considering a gift to the Center of the West in 2020.
We wish you a peaceful holiday season and healthy new year.
Buffalo Bill Center of the West