Hurry to enjoy tax benefits for your philanthropy this year
There are tax benefits for donors big and small for the 2020 tax year, thanks to the federal CARES Act.
As part of the Coronavirus Aid Relief and Economic Security Act (CARES Act) passed in the spring, you are now eligible to deduct up to $300 in charitable contributions on your future tax returns. This “above-the-line” deduction is available to all taxpayers, even those who do not typically itemize their deductions.
Taxpayers do not need to provide documentation for their charitable contributions with their returns, but the IRS does require that you keep a written record of all contributions. If you need a summary of your yearly giving through the Community Foundation, contact our Administrative and Technology Specialist Marie DeWerff at [email protected] or 814-208-8389. Please note that donations to the Foundation’s supporting organizations and donor advised funds do not qualify for this new deduction.
Other year-end giving reminders:
Checks: Mail to our office at the address below. Envelope must be postmarked by December 31. We’re open until 5 p.m. on New Year’s Eve, so you can also drop off a check in person.
Wire Transfer: Transfers generally take 2-3 business days, so please initiate your transfer no later than December 24th. For all transfers, please contact Katrina Perkosky, Donor and Development Services Officer (814-208-8411, [email protected]) to notify us of the amount of your gift and the fund name. CLICK HERE to download easy, step-by-step instructions.
Stock Transfer: Processing times can vary, but can take weeks, so if you are interested in this type of gift, please act immediately! For all transfers, please contact Katrina Perkosky, Donor and Development Services Officer (814-208-8411, [email protected]) to notify us of the stock name, number of shares, and the name of the fund. CLICK HERE to download easy, step-by-step instructions.
Community Foundation for the Alleghenies, 216 Franklin Street, Suite 400, Johnstown, PA 15901