Special Opportunity for Donors
Members and friends of Vermilion Lake Association should note a unique opportunity to leverage donations made to Vermilion Lake Association this year. As part of the Coronavirus Aid Relief and Economic Security (CARES) Act Congress has changed the rules for the deductibility of charitable contributions. Previously, in order to deduct a gift to charity a taxpayer needed to itemize deductions. Under this new provision, there is a universal “above the line” deduction of up to $300 per taxpayer ($600 per couple if filing jointly). This deduction is available even if you use the “standard deduction” and is in addition to it.
Also, taxpayers who itemize their deductions were previously subject to a limit of 60% of their annual adjusted gross income, but now under the CARES may deduct charitable gifts of up to 100% of their adjusted gross income for gifts made in 2020.
Members or friends planning to make charitable gifts to Vermilion Lake Association should also consider the availability of matching funds. Many corporations will match employee and retiree gifts to 501c3 charitable organizations. Some also allow and match monthly donations. Check with your employer or previous employer for details.
Please consider making a gift to Vermilion Lake Association this year to take advantage of these opportunities. For questions contact Jerry Lepper, Treasurer, at email@example.com.Read eVermilion