Did you know the CARES (Coronavirus Aid, Relief, & Economic Security) Act, best known for its PPP loans, also contains a a new financial incentive for Americans to give generously to qualifying charitable organizations?
The universal charitable deduction allows those of you who do not itemize taxes to deduct donations up to $300 on your 2020 federal tax return, even when you take the standard deduction.
Please see below for additional year-end giving information:
- For tax savings in 2020, please make your gift by December 31st.
- Online donations can be made up until 11:59pm on December 31st.
- Mail a personal check postmarked by December 31st to:
215 N. Church St.
Durham NC 27701
- The CARES Act did not change the rules around the Qualified Charitable Distribution (QCD), which allows individuals over 70½ to annually donate directly to charity up to $100,000 in IRA assets without taking the distribution into taxable income. However, the Act did suspend required minimum distributions from retirement accounts for 2020. To make a QCD donation to Durham Habitat, please contact Jill Wright at [email protected].
- Giving stock or securities that have increased in value may provide greater tax savings than cash. Here’s the information you need to give stocks or securities to Durham Habitat. Request date deadlines for the 2020 tax year may vary. Please contact your financial advisor for details.
- Gifts through wills, trusts, insurance policies, retirement plans and other long-range financial plans are all ways to support your charitable interests, including Durham Habitat. If you would like to set up a time to discuss other planned giving options please contact Terri Hegeman, Durham Habitat’s Director of Development and Advancement, at [email protected].
- Don’t forget to check with your employer about matching gift opportunities, which can double and sometimes triple the value of your gift. Contact Jill Wright at [email protected] for assistance with any paperwork.
- Ask your financial advisors which methods of giving are best for you.
Your support helps create homeownership opportunities for families in the Durham community. By choosing to give a gift to Durham Habitat, you demonstrate your commitment to creating and preserving safe, affordable homes for hardworking families. Thank you for generously supporting our neighbors.
If you need assistance or have questions about your gift, please contact Terri Hegeman at 919.638.0478 or [email protected].