With the year ending and the days getting shorter, we pause to reflect on our lives and how we can help others. One excellent way to do that is through charitable giving. Whether you’re moved to support a particular cause, need a tax deduction for planning purposes, or both, it’s a great time to give to a charitable organization.
The end of 2020, in particular, is a good time because of recent changes to the tax law that help both big and small donors alike. If you don’t usually give enough where it makes sense to itemize deductions, the CARES Act has something for you: if you take the standard deduction on your 2020 tax return, you’re able to claim an “above-the-line” deduction of up to $300 for cash donations you made to charity this year. Also, if you typically itemize and give quite a bit, you can receive a greater tax advantage for it this year: previously, the total that could be deducted on a single tax return was capped at 60% of your adjusted gross income (AGI). With the CARES Act, that cap has been lifted to 100% of AGI.
So, maybe you’re sold on the tax benefits, but aren’t sure which charity to support. Well, we asked our teammates at HCM which charities they support and why. Hopefully one of these organizations speaks to you, and you’ll be moved to support one of these many worthy causes.
Kimberly Penzes, Client Services
Ronald McDonald House: Gives parents a place to stay while children receive medical attention. Kimberly has both used their services while her son had spinal fusion surgery and volunteered there.
Cincinnati Lab Rescue: For obvious reasons:
Dan Rinck, Associate Wealth Advisor
Freestore Foodbank: Provides 33 million meals annually to 20 counties in the Cincinnati Area. Unbelievably, 1 in 7 families in the tri-state face food insecurity, with low-income school-aged children at the highest risk.
Jim Eutsler, Wealth Advisor
Stray Animal Adoption Program (SAAP): They are an all-volunteer, non-profit organization that exists to rescue, protect, and provide care for at risk pets. This is where Jim adopted his family dog, Jax. This charity does a lot for animals and their welfare.
Greg Middendorf, Wealth Advisor
Unbound: An international nonprofit founded by lay Catholics grounded in the Gospel, they build relationships of mutual respect and support that bridge cultural, religious and economic divides. They bring people together to challenge poverty in new and innovative ways across 19 countries.
Fallen Patriots: Their mission is to provide college scholarships and educational counseling to military children who have lost a parent in the line of duty. They believe a college education is the single most important gift they can give these children, that this is an important investment in the future of America, and that this is one of the best ways we can honor those who died defending our country.
Lauren Hollenkamp, Client Services
Aubrey Rose Foundation: Their mission is to help families caring for children with life threatening illnesses with their focus being on the family unit. They strive to lift families from life’s complexities during this difficult time by providing emotional and financial support.
Christy Barlow, Staff Accountant
Cincinnati Children’s Dialysis Unit: Christy’s father-in-law passed away from kidney disease, so seeing what he and his family went through, it is unimaginable and heartbreaking knowing that there are children going through this as well. This unit uses funds to help families that come from all over to get treatment here, and they use the funds to purchase toys and items that help the kids get through their long treatments. Christy’s daughter is a dialysis nurse at Children’s.
Happy Holidays! We'll see you in 2021!