In a crisis, American’s have always have gone the extra mile to help their family, friends, community and even strangers. It is no different with the current pandemic. Citizens are coming together to help through volunteering when possible and giving if they can.
Quest has had to adapt our services for the health and safety of the individuals we serve and our staff. The need for our services didn’t go away during the pandemic and our revenue has declined with increased costs. Quest is proud of all our direct service providers and support staff working remotely for continuing to go above and beyond for the individuals we serve.
There are some new incentives for charitable giving in 2020. If you are considering an end-of-year gift, or have already supported a charitable organization, you should be aware of ways to make a difference while reducing your taxes.
- Standard Deduction – Tax payers who take the standard deduction will be able to claim up to $300 in charitable donations. Keep a record of your gifts which may be a receipt, canceled check or a paystub if you gave utilizing payroll deduction. Many Quest employees have made their gift using payroll deduction and many employers offer this benefit.
- Itemized Deductions – The 60% of adjusted gross income limit that normally applies has been waived. You will be able to deduct more of your charitable cash contributions this year.
- Stock – If you give from appreciated assets such as shares of stock which have grown in value, you can avoid capital gains and benefit from a charitable deduction. Quest, Inc. (Life Concepts) makes it easy with a broker to broker transaction. You will want to consult your broker and tax advisor before making a gift of stock.
- Giving through your IRA – If you are 70 ½ or older you can make a charitable gift directly from a traditional IRA to Quest, Inc. (Life Concepts) without the funds being considered as taxable income. Your gift will be considered as part of your Required Minimum Distribution (RMD). Make sure the check is payed directly to Quest or another charity and not you.
- Advancing your 2021 Gifts – If you have the ability to pay your 2021 commitments in 2020 you will receive the benefits of the Cares Act deductions and help Quest with income earlier in the year.
- Corporate Giving – Corporations may deduct up to 25% of the taxable income which is an increase over the previous limit of 10%
All of these strategies allow caring individuals and corporations to support Quest, Inc. and our mission while benefiting from new and expanded incentives for giving. Giving comes from the heart but understanding the charitable deduction options may reduce your taxes and even stimulate increased giving. Quest’s website has more information about planned giving and you can view stories told by our clients of how your giving makes a difference in their life.
Robert (Bob) Haight has served in non-profit executive leadership roles in Illinois, Michigan, Ohio and Florida. He has major gift experience aligning donors to their passion and non-profit initiatives. He has his Bachelor of Science Degree in Business Administration from Ashland College and Masters in Social Science Administration from Case Western Reserve University. During his career he has provided leadership to campaigns raising over $250 Million for health and human service programs.