CARES Act for Donors
Despite setbacks caused by COVID, there is good news for hard-hit nonprofits in the form of a new tax deduction for charitable giving this year. Here’s how you can support the Ken Anderson Alliance and take advantage of the CARES Act for donors:
Incentivizing Giving
Your accountant or tax preparer will have more information, but in essence, the CARES Act allows taxpayers who take the standard deduction to make up to $300 of charitable contributions to qualified charities in 2020. To qualify, the contributions must be cash: not donations of things like stocks or goods. Previously, charitable contributions provided a tax benefit only to couples and individuals who itemized deductions rather than claiming the standard deduction.
While $300 might not seem like a large donation, if all KAA supporters contributed this amount in 2020, we could go a long way toward making up the shortfall caused by event cancellations this year. We have truly missed not getting together with our community for Stadium Stride and our Spring and Fall Legends events.
Despite having to forgo most of our major in-person fundraisers this year, KAA has continued to:
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Offer programming online for our ENGAGE program participants.
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Prepare for the opening of our residential community for adults with disabilities in Springfield Township.
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Partner with other Cincinnati area charities to host outdoor events whenever possible.
Our Annual Appeal
As the year comes to a close, would you be able to give to our annual appeal (while enjoying the tax benefit offered by the CARES Act)? This year, we are asking that people consider honoring our VIP Ken Anderson (who wore number 14 as a Cincinnati Bengal) by donating $14, $140 or $1,400 toward our overall goal of $140,000.
We thank you in advance and recommend that you talk about the CARES Act tax advantages with a tax professional today.