2020 has been a year unlike any other and while you might be familiar with the Coronavirus Aid, Relief, & Economic Security (CARES) Act passed in response to the COVID-19 crisis, which is best known for its PPP loans and other measures of cash relief, there are other provisions that increase the tax-deductibility of donations you make to charities in 2020. Below are some tips for year end giving, which also account for the CARES Act adjustments:
- For tax savings in 2020 you need to make your gift by December 31. Online donations can be made up until 11:59pm Eastern Time on December 31. If you are mailing a personal check to TLC, it needs to be postmarked by December 31st and sent to: Triangle Land Conservancy, 514 S Duke St, Durham NC 27701.
- TLC’s Tax Identification Number: 58-1514406
- If you’re one of the 9 out of 10 people who no longer itemize your charitable giving you may now deduct donations up to $300 on your 2020 federal tax return, even when you take the standard deduction ($600 for married-filing-jointly taxpayers).
- The CARES act did not change the rules around the Qualified Charitable Distribution (QCD), which allows individuals over 70 ½ to donate up to $100,000 in IRA assets directly to charity annually 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 TLC visit our portal on FreeWill, where you’ll be guided through the donation process in under 10 minutes.
- 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 TLC. These must be requested by December 28th to count in the 2020 tax year.
- Gifts through wills, trusts, insurance policies, retirement plans and other long-range financial plans all can be ways to support your charitable interests, including TLC. We’ve partnered with FreeWill to make planned giving easier than ever and completely free. FreeWill’s tool allows you to write a will online, and only takes 20 minutes to complete your legally valid plans. Visit FreeWill.com/TriangleLand to get started today. If you would like to set up a time to discuss other planned giving options please contact Christine Wilson, TLC’s Director of Advancement.
- Don’t forget “matching gifts” from your employer, which can double and in some cases, triples the value of your gift.
- Additional ways to support TLC include: signing up as a TLC Steward, monthly donor, gifting a TLC membership for the land-lover in your life, Become a friend to Williamson Preserve, or you can check out our Other Ways to Give page for more options.
- Ask your financial advisors which methods of giving are best for you.
Your support sets the pace for land conservation across our region. Many important landscapes are on the line and development in the Triangle is quickening. By choosing to prioritize a gift to TLC, you demonstrate the importance of preserving open space, safeguarding access to clean drinking water, conservation of family farms, and stewardship of wild places for recreation and contemplation. Your gift is a gift to the community. Thank you for generously supporting the protection of our natural resources of the places that you love today and for generations to come.