LANSING, Mich. — As we are approaching the year’s end, it is a special time for charitable giving. It is a time to think of others, especially those who are less fortunate. Although this year has been difficult for many of us with the ongoing coronavirus pandemic, one of the demographics who have been hardest hit are those individuals and families who are impacted by Alzheimer’s disease and other related dementias. Making a charitable donation to the Alzheimer’s Foundation of America before December 31st not only furthers the fight against Alzheimer’s- it can offer financial incentives for donors.
“Making a charitable donation to AFA during the season of giving not only benefits individuals living with Alzheimer’s disease, it can potentially benefit you financially as well,” said Charles J. Fuschillo, Jr., AFA’s president and CEO. “New tax rules for 2020 provide a new tax deduction for taxpayers, without having to itemize. Additionally, donating appreciated stocks or securities may exempt you from capital gains tax and deliver a charitable donation tax deduction.”
88 cents of every dollar donated to AFA supports programs and services to help families impacted by Alzheimer’s disease. These programs include a National Toll-Free Helpline, National Memory Screening Program, support groups, therapeutic programs, educational programs, and more. In addition, one hundred percent of every donation designated for research goes exclusively toward finding a more effective treatment and cure. AFA holds Charity Navigator’s highest rating of four stars for six consecutive years.
The recently passed Tax Cuts and Jobs Act makes it possible to write off up to $300 in certain charitable contributions in 2020 without having to itemize your deductions. The contribution must be in cash and given to a given to a 501(c)(3) public charity. Since this is a universal “above-the-line” deduction, taxpayers don’t have to itemize to claim it— just list it as an adjustment to income on their tax forms and then deduct it from their gross income.
Additionally, some individuals may consider donating shares of stock or long-term appreciated securities. If you are holding appreciated securities (stocks, mutual funds, etc.), a large capital gain can potentially turn an asset into a liability when it comes time to sell. Transferring ownership of a security that has appreciated for more than a year to a charity such as AFA may entitle you to a fair market value charitable income tax deduction and an exemption from capital gains tax, further maximizing the impact of your gift.
To obtain a deduction for the current tax year, the stock transfer must be completed by December 31. For electronic transfers, the donation is recorded on the day it is received, so it’s important to start the process as soon as possible.
To make a year-end donation to AFA or for more information, visit www.alzfdn.org [alzfdn.org] or call AFA’s development department at (866) 232-8484.
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