Guest blog by Laura Tanner
Major Gifts and Planned Giving Officer
Home is more important now than ever before. Think about your own home and the sanctuary it’s been for you this year. Home is a workplace, a classroom, and a shelter from storms. You can give the gift of home this holiday season.
Make the most of your year-end giving to Twin Cities Habitat for Humanity using the CARES Act.
The CARES (Coronavirus Aid, Relief, and Economic Security) Act includes several provisions to encourage charitable giving when it means the most to local organizations—including Twin Cities Habitat.
Read on for how you can maximize your charitable donations this year!
New Deduction Available for Non-Itemizers
First, there is a new giving opportunity for people who take the standard deduction and do not itemize their taxes. With the CARES Act provisions, you can take a new above-the-line charitable deduction of up to $300. This deduction applies only to qualified cash contributions. It does not apply to cash contributions made to donor-advised funds or supporting organizations.
What does that really mean for you? It means your donation will earn you a dollar-for-dollar tax credit of up to $300 on your federal taxes, even if you don’t itemize your taxes.
“Unlimited” Charitable Deduction for Itemizers
Second, people who itemize their taxes can deduct much greater amounts of their contributions. Individual taxpayers who do itemize deductions and contribute cash to a public charity, like Twin Cities Habitat for Humanity, may deduct up to 100% of their adjusted gross income (“AGI”). Individual taxpayers can continue to carry forward any excess charitable contributions for five years.
Please note these are general charitable tax strategies for 2020. Read more about tax-savvy giving on our blog and talk with your financial advisor or tax planner for advice specific to you.
Make sure your gift gets counted in 2020
Here are tips to ensure your gift counts in the 2020 tax year!
Use our secure online form to make a one-time or recurring gift using a credit card or bank transfer. Contributions made online must be completed by 11:59 p.m. CT on December 31 to be eligible for 2020 tax benefits.
It's quick and easy, and you'll know for sure that your gift is completed before the year's end.
Give by Phone
Contact Twin Cities Habitat for Humanity’s gift team at 612-305-7183. Please have your credit card ready and call during normal business hours, Monday to Friday, 9:00 a.m. to 5:00 p.m., except holidays (listed below).
Give by Mail
Donate with a check, payable to Twin Cities Habitat for Humanity, that's dated and postmarked by December 31 to 1954 University Avenue, St. Paul, MN 55104.
Please note Twin Cities Habitat for Humanity is closed for operation on December 24 and 25. Staff will return on December 28 ready to assist you with questions. If you wish to make a gift while our office is closed, please make a secure gift online.
Please Give Generously
Your gift will make a positive impact on local families and communities. When you donate, you help build an equitable Twin Cities region where all families have access to the transformational power of homeownership.
Thank you for coming together to create, preserve, and promote affordable homeownership and advance racial equity in housing.