The Dr. Susan Love Foundation for Breast Cancer Research is incredibly fortunate to have a family of friends who support us every month of the year. Some donate through monthly workplace giving programs; others are members of the Dr. Susan Love Foundation’s Give With Love Program (you can join here today!)
We receive 85% of our donations from November through January of the following year. But December remains a month that inspires giving, and each year we get twice as many donations in December as we do in any other month of the year. In fact, last December we received more than 900 donations!
As you likely know, December 31 is your last opportunity to include a charitable donation on your 2021 taxes. But this year, The Coronavirus Aid, Relief, and Economic Security (CARES) Act has made things more exciting by allowing any individual who takes the standard deduction on their 2021 taxes to claim a deduction of up to $300 for cash contributions made to qualifying charities – like the Dr. Susan Love Foundation. For married individuals who file joint returns, the deduction increases to $600. Ordinarily, charitable donations cannot be deducted on returns by people who take the standard deduction. So if this is you, here’s your chance to take that charitable deduction!
About 95% of our individual donors make donations of $300 or less, and we are so excited for them that they may potentially qualify for this deduction! And it’s not too late for you to benefit, too! You just need to contribute before December 31.
December 31 also is the last chance for investors 70½ and older to meet the annual Minimum Required Distribution (MRD) from their Individual Retirement Account by making a qualified charitable distribution (QCD) up to $100,000 from their IRA directly to a charity — without owing taxes on the transfer.
Visit here for more information and be sure to consult your tax advisor. Visit the IRS for more tax information and reminders: https://www.irs.gov/newsroom/year-end-giving-reminder-special-tax-deduction-helps-most-people-give-up-to-600-to-charity-even-if-they-dont-itemize.
Donate to the Dr. Susan Love Foundation here: https://www.classy.org/give/53799/#!/donation/checkout