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This holiday season, you can help support the many families in our community who are still reeling from the COVID-19 crisis and help ensure kids get back on track to their great futures after so much disruption. 

You generosity provides great moments—hot meals, learning support, mentors, and safe spaces—that add up to great futures for young people, especially those who need us most. 

Make your holiday gifts event more meaningful by provding support to our mission. With the CARES Act extended until December 31, there's never been a better time to give. Make your tax-deductible gift today >>

 

WAYS TO GIVE
Please note that in order to receive a 2021 charitable tax deduction, gifts sent by mail must be post-marked on or before Friday, December 31. In addition, all credit card, wire, and stock transfers must be completed before midnight on Friday, December 31.
 
To donate online: Gifts made online make an immediate impact. Make your year-end gift today at BGCBellevue.org/give >> 
 
To donate by mail: 
Please make all checks payable to Boys & Girls Clubs of Bellevue and mail to:
Boys & Girls Clubs of Bellevue
209 100th Ave NE
Bellevue, WA 98004 
 
Stock Gifts: Donating Stock is a great way to invest in the next generation! Learn more >>
 
Donor Advised Funds (DAF): A donor-advised fund, which is like a charitable savings account, gives you the ability to recommend grants to Boys & Girls Clubs of Bellevue. Use the application below or click here to donate to BGCB directly. You can also find us in your DAF’s list of qualified charities is to search for us by our Tax ID #91-0776451.
 
Please let us know when you have initiated a gift. Advance notification helps us ensure that we credit you for your gift and apply any program designations for your donation. For questions, please email Julie Chivo at jchivo@BGCBellevue.org.

 

 

CARES ACT 2021

 

 CARES Act Charitable   Opportunities available   through December 31,   2021! 
 

If you itemize your deductions

The CARES Act increases the charitable deductibility cap from 60% to 100% for individuals/joint filers making CASH gifts in the tax year 2021. This is truly a substantial change to the tax treatment of cash donations. Any excess can be carried for five (5) years. For some individuals, it could potentially mean zero taxable income.

Example: If John Taxpayer has an adjusted gross income (AGI) of $175,000, he would normally deduct up to $105,000 (a 60% cap) for gifts of cash to charity. With the temporary changes in the CARES Act, John could now deduct up to his full AGI of $175,000 if he gives that much in cash to charity in 2021.

 

If you use the standard deduction

For the 2021 tax year there is an additional “above the line” deduction of up to $300 for cash donations for non-itemizers or $600 for married filing separately. The adjustment to income reduces the donor’s adjusted gross income (AGI), and thereby reduces their taxable income. Married Filing jointly is allowed only to deduct up to a total of $300 according to The Joint Committee on Taxation from Congress.

 

Corporate charitable giving opportunities

The new law also increases the limit on the deduction for charitable contributions from 10% to 25% of a corporation’s taxable income. This allows corporations to make an even bigger impact through their charitable giving, and a corporate gift during this time of need will help us maintain and grow our programs.

Note: The increased limits for individual and corporate taxpayers apply to cash contributions only. They also are limited to gifts to public charities and certain foundations. They do not apply to donor-advised funds.

 

Depreciated publicly traded stock

In the current economic market, many investors are experiencing a depreciation in the value of some of their stock holdings. Charitable giving offers a way to optimize the value of depreciated securities.

Consider selling securities that have been held for more than a year and have lost value since being acquired. Then, use the proceeds to make a cash charitable contribution. It’s a two-step sequence that allows you to take a capital loss on the sale and a possible tax deduction on the cash gift.

Example: Let’s say you bought 1,000 shares of a stock in 2018 at $60 per share. The stock is now trading at $25. A sale of the stock yields $25,000 in cash and a $25,000 capital loss. The $25,000 can be used to fund a cash charitable contribution.

 

Qualified Charitable Distribution (QCD) from an IRA

The new law impacts some owners of Individual Retirement Accounts (IRAs) by providing a temporary waiver of Required Minimum Distributions (RMDs). This waiver will allow IRA owners age 72 or older to keep funds in their IRAs and other qualified retirement plans. For individuals who had to take an RMD for tax year 2019 before the April 2021 deadline, that requirement has been waived for 2021.

For some, keeping the funds in their IRAs until the market rebounds might be the best option. For others, continuing to make tax-free charitable gifts directly from their IRAs may be preferable.

 

 

*This communication does not constitute legal, tax, or financial advice, which BGCB does not provide. Please consult professional advisors concerning the legal, tax, or financial consequences related to your charitable planning.