Gifts of Giving: The Financial Benefits of Supporting the Fight Against Alzheimer’s Disease in December
Charitable Gifts Can Make a Difference for People with Alzheimer’s and Your Finances Too
(December 8, 2021)— ‘Tis the season of giving, and there are many benefits of making a charitable gift in December. Making a charitable donation to the Alzheimer’s Foundation of America (AFA) before December 31 not only furthers the fight against Alzheimer’s- it can offer financial incentives for donors.
“Charitable contributions are always impactful, but especially so in December,” said Charles J. Fuschillo, Jr., AFA’s president and CEO. “Whether it’s done as a ‘holiday gift’ for someone special, to receive a tax benefit, or simply just to do a good deed, there are a number of reasons why making a charitable gift now is even more meaningful. We invite individuals to make an impact by donating through our website, over the phone, or through the mail.”
According to the Internal Revenue Service (IRS), the federal government extended the charitable donation write off included in the Taxpayer Certainty and Disaster Tax Relief Act of 2020, for individuals who do not itemize their deductions. Under the law, taxpayers can write off up to $300 ($600 for married couples filing jointly) in certain charitable contributions in 2021 without having to itemize their deductions. The contribution must be in cash (includes check, credit card, or debit card donations) and given to a given to a 501(c)(3) public charity. Since this is a universal “above-the-line” deduction, taxpayers do not have to itemize to claim it— just list it as an adjustment to income on their tax forms and then deduct it from their gross income. Some employers offer to match charitable donations, meaning your gift can be even more impactful.
Additionally, some individuals may consider donating shares of stock or long-term appreciated securities. If you are holding appreciated securities (stocks, mutual funds, etc.), a large capital gain can potentially turn an asset into a liability when it comes time to sell. Transferring ownership of a security that has appreciated for more than a year to a charity such as AFA may entitle you to a fair market value charitable income tax deduction and an exemption from capital gains tax, further maximizing the impact of your gift.
To obtain a deduction for the current tax year, the stock transfer must be completed by December 31. For electronic transfers, the donation is recorded on the day it is received, so it’s important to start the process as soon as possible.
Donations to AFA can be made online at www.alzfdn.org/donate, over the phone by calling AFA’s development department at (866) 232-8484, or through the mail (with check payable to “Alzheimer’s Foundation of America”) to the Alzheimer’s Foundation of America, 322 8th Avenue, 16th Floor, New York, NY 10001.
Nonprofit organizations depend on charitable donations to carry out their important work. Donations to the Alzheimer’s Foundation of America help fund programs and services for families affected by Alzheimer’s disease, including its National Toll-Free Helpline, National Memory Screening Program, support groups, therapeutic programs, and educational programs, as well as research toward better treatment and a cure. AFA holds Charity Navigator’s highest rating of four stars for seven consecutive years for its commitment to fiscal efficiency, accountability, and transparency.
Virtually everyone has at least one person who is impossible to shop for—you never know what to get them. Donating in their name to a cause they believe in (such as the fight against Alzheimer’s disease), can be a fitting gift for that person. They will be helping people in need and furthering a cause they support—things which will continue to be impactful long after the holiday season is over.