giving at the kirk
Giving online is a safe, convenient way for you to give your tithes and offerings from the convenience of your computer or phone. To view videos on how to give via Planning Center, please click here.
Charitable Giving Changes
Good news! Recent legislation expands the tax benefits related to charitable giving for all taxpayers, whether they itemize deductions or not. While adopted in response to the pandemic, these special rules are not limited to contributions related to COVID-19, but apply to all charitable contributions. Please consult with your qualified tax advisor for more details, and look to the Internal Revenue Service for additional guidance.
The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) expands charitable giving tax breaks two ways:
1) “Universal Charitable Deduction”: In 2020, taxpayers who do not itemize deductions may now deduct up to $300 for contributions made to qualifying charities. Although the legislation is not entirely clear, many commentators feel that this amount is per taxpayer ($600 for a married couple). It’s unclear at this time whether this change is permanent.
2) Taxpayers who do itemize deductions may elect to deduct cash contributions made to qualifying charities, in an amount up to 100% of their adjusted gross income. This change applies only to 2020.
Give Stock. Save Taxes.
By choosing to give appreciated stock, you eliminate capital gain tax on the donated stock and increase your giving capacity by eliminating current or future tax exposure. Using tax savings to give more increases your charitable deduction.
People over age 701/2, can transfer up to $100,000 from their IRAs to charity tax-free. The gift counts as their required minimum distribution for the year, but it is not included in their adjusted gross income. This can be a great way to avoid having to pay taxes on your RMD if you want to support a charity, and it gives you a tax break.
Contact your investment advisor for further advice.
You can support The Kirk when you shop at Amazon. When you are ready to make a purchase, log on to smile.amazon.com. Sign in and choose “Kirk of the Hills-Tulsa” as the charitable organization if you have not already chosen “Kirk of the Hills’Tulsa” as your charitable organization. This is the same Amazon you know. The same products, same prices, same service. Amazon donates .5% of the price of your purchases to The Kirk. Remember each time you shop, to log in to smile.amazon.com. It’s that easy.