Thinking of making a donation to the JMA Ride2Remember before the end of the year? This is a good time to do it, because you can claim a tax deduction for contributions in 2020, even if you don’t itemize on your income tax return.
Under the CARES Act, part of the federal government’s pandemic relief program that passed in March, individual taxpayers can deduct up to $300 for cash donations made in 2020 when they file their tax return next spring.
Prior tax law changes roughly doubled the standard deduction (for 2020, to $12,400 for single filers and $24,800 for married couples filing jointly) and did away with some itemized deductions. However, the temporary “universal” deduction makes it easy for donors to receive a tax benefit for giving. Because the deduction is taken “above the line,” it reduces, by up to $300, your adjusted gross income — an important number because it determines your eligibility for tax credits and other benefits.
To qualify for the deduction, the donation must be paid by check or credit card to a 501(c)3 charity such as Jewish Motorcyclists Alliance. You can either mail a check to JMA, c/o Treasurer Bruce Ente, 82 Pyle Road, Oberlin, OH 44074-1436 OR donate via PayPal or credit card at www.JewishMotorcyclistsAlliance.com. The “Donate” button can be found at the top right side of any page. or use the button below to Donate Immediately.
Thanks for your generous support!