Take Advantage of New Tax Deductions with Your Gift to the Y
You could reduce your income tax for 2020, all while supporting essential Y programs and services for individuals, families and seniors.
These opportunities are available to help increase the impact of your gifts made through December 31, 2020.
If you itemize your deductions:
The CARES Act allows individuals who itemize deductions on their taxes to make cash donations of up to 100% of their adjusted gross income (up from 60% previously) to support nonprofits like the YMCA of Greater Kansas City. Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%.
If you take the standard deduction:
Up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions is available to people who take the standard deduction and do not itemize. It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thereby reduce taxable income. A donation to a donor advised fund (DAF) does not qualify for this new deduction.
Your gift helps us sustain the vital programs and services our community needs, now more than ever, as we continue to respond to the COVID-19 health crisis.
Your gift to the Y can help provide:
- Virtual learning spaces and essential child care for working families
- Safe in-person and virtual exercise programs to help all ages stay active and healthy
- Outreach to seniors to prevent social isolation and provide healthy living resources
- Meals and snacks to individuals and families not sure where their next meal will come from
- And so much more!
To learn more about how your gift can impact the Y, contact Leslie High, chief development officer, at LeslieHigh@KansasCityYMCA.org.