For those still wanting to make tax-deductible charitable donations to local non-profits you have until Thursday evening to do so.
Emporia Community Foundation Director Becky Nurnberg recently spoke with KVOE News and explained that all donations will need to be made by New Year’s Eve in order to be counted for the current tax year. Nurnberg says this year in particular they have seen a dramatic increase in the number of donations that have come into the foundation.
She says over $120,000 in donations came to the foundation just last week alone.
When asked why she thinks the sudden spike is occurring Nurnberg explains that many donors have expressed concerns about what tax rules and regulations will look like once President-Elect Joe Biden takes office in less than a month’s time.
Nurnberg says a common trend each year is the use of IRA’s for making donations through stocks, bonds, property and other assets. She says for those with IRA’s looking to do so again this year there is some good news.
The ECF main office at 527 Commercial Suite B, will be open until 5 pm New Year’s Eve for those wishing to stop in and make a donation or you can mail your donations to that address. Nurnberg says any mailed donations need to be postmarked on or before Dec. 31 in order to be counted for the 2020 tax year.
If you have questions about donating through the use of IRAs contact your tax advisor.
