Make an Impact Through Year End Giving!
As the holiday season approaches, many families are also preparing their year-end giving plans. This year, we want to ensure our members and supporters have all of the information they need to make the most informed choices.
“There are a number of options to maximize the benefits of a tax-deductible contribution to Soroptimist,” says Erica Cheslock, Director of Donor Relations. “We are available to talk one-on-one with our members about the different ways they can make an impact with their gift.”
Some of the options include:
- If you are itemizing your deductions, the adjusted gross income (AGI) limit for charitable contributions remains increased for individual donors. For cash contributions made in 2021, you can elect to deduct up to 100 percent of your AGI.
- If you are not itemizing, the CARES Act allows for an additional “above-the-line” deduction for charitable gifts made in cash of up to $300. This provision is extended into 2021 for taxpayers filing single/separately. Joint filers can also take an “above-the-line” deduction of up to $600 in cash contributions for 2021.
- Individuals 70 ½ or older can contribute IRA assets through a Qualified Charitable Distribution (QCD) without taking the distribution into taxable income.
While we encourage our members to speak with a financial advisor about what may work best for their personal circumstances, a member of the Fund Development team is available to speak with you at any time. You may also reach out directly to Erica Cheslock at 215-893-9000 ext. 143.