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Senior Portrait

DELIVER. HOPE.

"The heart of a volunteer is never measured in size, but by the depth of the commitment to make a difference in the lives of others."

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SUPPORT OUR SENIORS
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DONATION FAQ's

What is a charitable donation?

A charitable donation is a gift of cash or property made to a nonprofit to help accomplish its goals, for which the donor receives nothing of value in return. 

 

Why donate to our cause:

  • Every donation makes an impact and gets us closer to our goal of serving 310,000 meals to Collin County seniors 

  • Employer match programs – your company may match your donation/volunteer hours 

  • Taxpayers can deduct 60% of their AGI annually 

  • All donations are 100% tax deductible 

 

Benefits of monthly giving: 

  • See your impact all year 

 

Other taxable donation types: 

  • Volunteer hours (you can deduct the entire amount of your mileage, parking, tolls, and travel expenses) 

  • In Kind donations (food, supplies, etc.) 

 

IRA Donations: 

What is a Qualified Charitable Donation – an IRA withdrawal that is paid directly from your pre-tax IRA to a qualifying charity. You do not have to pay taxes on the amount transferred to charity. Some exclusions may apply.

 

QCD Requirements:

  1. IRA owner must by 70 ½ years old 

  2. Transfer up to $100,000/annually to an eligible charity without paying income tax on the transaction

    1. $200,000 if filing a joint tax return ($100,000 per spouse) 

  3. Contribution must be made by December 31 of each year in order to qualify 

  4. Funds must be transferred directly from the IRA account to the charity in order to qualify for the tax break

  5. Charity must be a 501c3 organization

 

Stock Donations: 

FAQs:

  1. If the stock has increased in value from the time of purchase, the owner can avoid paying the capital gains tax by donating the security to another party. The total amount will still be eligible for a tax deduction, meaning the giver can give a larger donation

  2. If you are holding a stock that is trading for less than you paid for it, it’s usually better to sell first before donating the cash to charity

 

Please email Dinhn@mealsonwheelscc.org regarding IRA and Stock donations. To receive a tax receipt for your donation please email spearsp@mealsonwheelscc.org. 

 

Disclaimer: We do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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