The Coronavirus Aid, Relief, and Economic Security (CARES) Act creates two, temporary changes for 2020 to the tax treatment of donations to ministries like Reach Initiative International.
These two changes outlined below will allow you to give more while at the same time save more on taxes.
Change #1 – Raising the Charitable Giving Deduction Cap for Taxpayers Itemizing Their Deductions:
The CARES Act for 2020 lifts these caps from 60% to 100% for individual and joint filers, while corporations will see their cap lifted from 10% to 25% of taxable income for tax year 2020. These are truly substantial changes to the tax treatment of donations. For individual and joint filers, it could theoretically mean zero taxable income if someone gives substantially.
For example, if John Taxpayer (filing either as an individual or jointly with spouse) has an adjusted gross income (AGI) of $80,000, he would normally be able deduct up to $48,000 for gifts to charity. With the temporary changes in the CARES Act, John could now deduct up to his full AGI of $80,000 if he gives that much to charity in 2020. The math works in a similar way for corporations.
Change #2 – Universal Tax Deductible Deduction Increase for Donations:
For the over 9 out of 10 people who no longer itemize their charitable giving, the CARES Act will allow these individual taxpayers to deduct donations to charity of up to $300 on their 2020 federal tax return, even though they take the standard deduction. Married-filing-jointly taxpayers will get an above-the-line deduction of up to $600.
These CARES act regulations will allow you to give more to Reach Initiative International as well as other officially registered non-profit ministries while at the same time save more on taxes in 2020. Please consult your tax advisor for more information relating to your specific situation.
NEED MORE INFORMATION about the Cares Act?
Nation Christian Foundation (NCF) explains the benefits in this video!
Did you know that appreciated, non-cash assets, like stocks and real estate, are a great, tax-smart way to multiply your impact when giving?
ASSET-BASED GIVING
Did you know that appreciated, non-cash assets are a great, tax-smart way to multiply your impact when giving?
Many people have their wealth tied up in assets like stocks, real estate, jewelry, or business interests, while only a fraction of it is in cash, where their giving is coming from. Asset-Based Giving is a great way to multiply your impact!
Contact your Tax Advisor for details relating to your personal situation and consider a generous non-cash gift to RII. Then contact us, we can assist you in processing this type of donation.
When you give a portion or all your appreciated non-cash assets – you will likely:
- Pay less taxes
- Be able to send more money to Reach Initiative International (RII) and other ministries doing God’s work
- Improve your cash flow
Email us at admin@reachii.org for assistance
DONATING FROM YOUR IRA ACCOUNT
You can make an IRA charitable rollover gift this year if you are 70½ or older and own a traditional IRA. Your donation of up to $100,000 annually can be made directly from your IRA to Reach Initiative International (RII) without paying income tax on the withdrawal. Your gift will also satisfy your Required Minimum Distribution (RMD) for the year, and best of all will change lives as you partner with us to love people into the Kingdom of God… one at a time!
Contact your IRA plan custodian for more information and request a direct transfer of funds to Reach Initiative International (RII) to insure that your gift will be tax-free. Then contact us to let us know.
Email us at admin@reachii.org for assistance
LEGACY PLANNING
For most people the largest gift they will ever give will occur in a moment of time when they leave all their possessions behind and go on to be in the glorious presence of Yeshua forever! Your Will can be a simple and meaningful way of giving to expand Yeshua’s Kingdom work through RII. Without a will, the government dictates who receives your assets and who becomes guardian of your minor children.
An up-to-date Will can offer peace of mind as you put in place the plan for blessing your family and the ministries you love. A gift made through your Will provides a legacy, which directs your earthly treasure to produce heavenly treasure. Your planning now can result in many Jewish people entering into the joy of our Lord long after you have entered in yourself.
Contact your attorney to make a Will or to update your present Will. Then contact us to let us know.
Email us at admin@reachii.org for assistance
YEAR-END GIVING GUIDELINES: appreciated, non-cash assets, like stocks and real estate,
Reach Initiative International is a registered 501c3 Organization.
EIN # 20-5986160
Reach Initiative International is a member in good standing with ECFA (Evangelical Council for Financial Accountability), giving our donors another assurance that their gifts will be used with the highest degree of integrity.
