Charitable Giving in 2020
This article originally appeared in the Summer 2020 WaterWays newsletter. Download a PDF of the full Newsletter.
By Karen Bednar, Development Director
Did you know that there are new incentives to enhance charitable giving in 2020?
Find what works best for you for your donation to protect and restore water. A gift to River Alliance automatically enrolls you in membership and supports the mission to empower people to protect and restore water. In 2020, the Coronavirus Aid, Relief, and Economic Security Act changed some limitations on charitable giving to drive more funds to charities during this difficult economic time.
Make a gift on our website or mail a check.
Visit wisconsinrivers.org/donate. New this year: Taxpayers who do not itemize their deductions can take a one-time deduction of up to $300 for gifts made to charitable organizations.
Consider a major gift.
If you are considering giving a major gift during your lifetime, there has never been a better time than now. In a typical year, individuals can only take a charitable deduction of up to 60% of their adjusted gross income, even if they donate more. For 2020, individuals can take a charitable deduction of up to 100% of their adjusted gross income.
Do you own a business and does your business depend on clean water?
Join our Clear Water Business Consortium. To be a partner, make a donation. In 2020, corporations may deduct charitable gifts up to 25% of the business’s taxable income, compared to 10% in the past.
Contact Development Director, Karen Bednar at [email protected] or 608-257-2424 x 116. Contact a qualified financial advisor for how the CARES Act may grow the incentives for your support this year.