All gifts to the North County Public Library Foundation for the Next Chapter Campaign are tax deductible. Giving before the end of the year is a great way to maximize your charitable contributions for yourself and the library with the help of the CARES Act. Here is some basic information. Speak with your legal and tax experts for advice on how to proceed.
CARES Act: The Coronavirus Aid, Relief, and Economic
Security (CARES) Act has been extended for 2021. For taxpayers who take the standard deduction, the act extends a $300 universal charitable deduction allowed in 2020. These taxpayers can deduct donations directly to a charity of up to $300 per individual or $600 for joint filers on their 2021 federal tax return above the standard deduction. For those who itemize their deductions, the act eliminates the cap on how much of a taxpayer’s charitable donations can be deducted against income, allowing households to deduct cash gifts of up to 100% of their adjusted gross income. This could effectively eliminate a taxpayer’s federal tax liability in 2021. Caps on corporate giving also rose under the CARES Act to 25% for 2021.
Stocks and Bonds
Giving stocks and bonds that have increased in value can be used as an income tax deduction and used to avoid the capital gains tax. Giving securities directly to a qualified charity, your income tax deduction is based on the security’s fair market value and can offset up to 30% of your adjusted gross income, which could reduce your tax bill. Also, by giving appreciated securities directly, neither you nor the charity pays a capital gains tax on the donated securities, effectively increasing your donation.
Qualified Charitable Distributions
For those who are ages 70 1/2 and older, you can donate up to $100,000 from your individual retirement account directly to a charity. The contribution counts towards your required minimum distribution and isn’t included in your adjusted gross income, which could qualify you for tax breaks tied to your adjusted gross income and reduce or eliminate taxes on Social Security.
If you’re interested in any of these types of contributions, contact your financial advisor to see how you can make a tax-deductible gift and impact the Next Chapter Campaign.
Naming Opportunities to Honor and Remember
The Next Chapter Campaign allows donors to create a legacy in the community by naming a space in the North Lake County Public Library. Giving in support of a naming opportunity is a wonderful way to honor or memorialize a family member or friend, or to be recognized as a community-leading company that cares about the people of Polson and its surrounding areas.
“Leaving a legacy for future generations in Polson shows how important the library is to our community.” Library Director Abbi Dooley said.
North Lake County Library Foundation Naming Opportunities
Entire Library $1,000,000
Community meeting room (fulfilled by Jarecki Foundation) $250,000
Family Reading Area (Western Atrium) $250,000
Children’s Reading Area $250,000
New Entrance $100,000
Maker’s Space $100,000
Coffee Shoppe (Friend of the Library Book Shop) $75,000
Montana Art and Culture Gallery (fulfilled by Joyce Erickson) $75,000
Small Meeting Room – A $50,000
Small Meeting Room – Low Vision Center $50,000
Children’s Section – Pirate Ship Divider (Gallagher Foundation) $25,000
Infant/Toddler Nook (fulfilled) $25,000
Teen Seating Area $25,000
North Window Reading Nook $25,000
Large Print Section – based on number of shelving units $15,000
Cabinet for Native American Cultural Displays (The Newgard Family) $12,000
Adult Computer Group Table $10,000
Kid’s Computer Group Table (fulfilled by Polson Rotary Club) $10,000
Movable Shelving for Books – A (Bob and Sharon Fulton) $10,000
Movable Shelving for Books – B $10,000
Aquarium and 5 years maintenance $10,000
Seed Catalog $2,500
Montana Section (fulfilled) $2,500
Sections of Bookshelves (40 available) each, double sided $1,000
Individual Tables $1,000
Individual Chairs: $1,000