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 2021 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!
Gifts to the Buffalo Bill Center of the West support our operations, enabling us to bring quality experiences and programs to our audience.
We want to take this time to remind you of some important CARES Act provisions that are scheduled to expire at the end of 2021.
These provisions may affect you—and could make it easier for you to make a gift to the Buffalo Bill Center of the West. They include:
- An expanded charitable giving incentive that allows taxpayers who take the standard deduction to make up to $300 in charitable cash contributions for single filers ($600 for married couples) to qualified charities like ours (but not to supporting organizations or donor advised funds) this year.
- For those who do itemize their deductions, the law allows for cash contributions to qualified charities such as ours to be deducted up to 100 percent of your adjusted gross income for the 2021 calendar year.
Here are some additional strategies to help you maximize the tax benefits of your charitable giving in 2021
- If you are age 70½ or older, consider making a qualified charitable distribution (QCD) from your IRA. With this option, you can transfer up to $100,000 per year from your IRA directly to the Buffalo Bill Center of the West without having to pay income taxes on the money. In 2021, the SECURE Act adjusted the minimum age for taking a required minimum distribution (RMD) from 70½ to 72, but this change does not impact your ability to make a tax advantaged QCD starting at age 70½.
- 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. Mutual fund transfers should occur ASAP, and please allow up to five business days for full transfer of securities.
- 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—give us a call and we can match your generosity with our mission!
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 2021.
We wish you a peaceful holiday season and healthy new year.
Buffalo Bill Center of the West