There are a new opportunities to be generous and reduce your tax liability through end-of-year giving. Click on the links for details.
The Cares Act charitable giving benefit allows all taxpayers to deduct a total of $300 without itemizing deductions for gifts made to charitable organizations, like their church or the Southwest Conference. This is a win-win since the $300 will be deducted from your gross income reducing your tax liability overall, AND you are supporting the mission of your church with money that would ordinarily be paid to the government in taxes. If you have given $300 or more to charity you can claim this deduction whether you itemize or not!
The other opportunity involves tax-free gifts made directly to charitable organizations from IRA and other retirement accounts. While Required Minimum Distributions have been suspended for 2020, the benefit of making charitable, tax-free donations from IRAs and other retirement accounts remains in effect for everyone over 70½.
Your tax preparer or accountant will have additional information.
Thank you for being generous with your local church, especially this year! Thank you for considering a gift to the Southwest Conference as you plan your end-of -year gifts. Above all, thank you for your service in and on behalf of the United Church of Christ. Your ministry has transformed lives and changed the world!
May this season be time for renewing your hope and deepening your peace! Merry Christmas!