From Michael L “Gunner” Furgal

Legislative Chairman, Veterans of Foreign Wars

Monroe

To the Editor:

We know your decision to support the VFW comes from the heart because you believe our mission matters. But there are also many ways you can benefit from your generosity. Consider how you can get more from your year-end giving.

Make a cash gift. As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed earlier this year, cash contributions to qualified nonprofits such as the VFW can be deducted up to 100% of your adjusted gross income for the 2020 calendar year. The Act also expanded charitable giving incentives and allows taxpayers who take the standard deduction to make up to $300 of charitable contributions to qualified nonprofits this year. To qualify, you must make your gift before Dec. 31.

Contribute to your donor advised fund. If you have a donor advised fund, you can contribute to it before Dec. 31 and enjoy tax savings in that amount when you itemize on your tax return in the spring. When you are ready, you recommend distributions be made to support the organizations you care about most.

Give from your IRA. Despite the CARES Act’s temporary suspension of required minimum distributions for 2020, giving to the VFW directly from your IRA is still a great way to support our work while enjoying tax savings for those 70½ or older. Through a qualified charitable distribution, you pay no income taxes on your gift. You also gain the satisfaction of knowing your gift can be put to use today, allowing you to see the impact of your generosity. For your gift to count in 2020, we must receive it by Dec. 31. If you have check-writing privileges on your IRA, please mail your check by Dec. 18 to allow time to process your gift.