Two ways to support Trees for Honolulu’s Future
Growing up in Honolulu gave me a great appreciation for the natural environment, especially trees…and the beach! It was super-easy to set-up a monthly donation through PayPal. Doing so allows me to give back each month and make a difference. Mahalo!
– Helen, former Hawai’i resident
1. Monetary Contribution
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Educate: working with community groups beginning with Kaimukī; sponsoring annual keiki art contest; writing op-ed columns; increasing awareness of public official and citizenry of importance of a vibrant urban forest for Honolulu.
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Facilitate: planning, planting, maintenance of trees by public agencies, commercial enterprises, and homeowners.
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Promote: adopting public policies that lead to increasing the urban tree canopy and securing the multiple benefits that trees bring to Honolulu.
When you Donate please check, “share my contact information” so we can acknowledge you! As a 501(c)(3) organization, we will send a receipt for your donation. Rest assured, we will never sell or share your contact particulars. See below for valuable updates on tax law.
*When you click “Donate” you will be taken to a secure PayPal site where you will have the option to log-in with your PayPal information or pay with a debit/credit card.
New Tax Benefits To Donors
Under this new law, if you take the standard deduction when doing your taxes, the CARES Act allows for a deduction of up to $300 ($600 for married couples filing jointly) for cash donations to qualified charities. This new deduction was originally allowed for 2020 returns only. However, the December 2020 COVID-relief and government spending bill extended the $300 charitable deduction for non-itemizers for another year. There are some differences between the 2020 and 2021 deduction, though. For instance, the maximum deduction for joint filers is $300 for 2020 returns. The 2020 deduction also reduces your Adjusted Gross Income (AGI).
Prior to the CARES Act, an individual itemizing their deductions could only deduct 60% of adjusted gross income (AGI) for charitable giving. If you itemize deductions when filing your 2020 taxes (and in 2022 when filing your 2021 taxes), the CARES Act allows you to deduct up to 100% of your AGI in contributions to qualified charities like Trees for Honolulu’s Future. Deductions of gifts in excess of 100% of AGI can be rolled over for use in future years.
The CARES Act allows a deduction of up to 25% of the company’s adjusted taxable income for corporate gifts to qualified charities like Trees for Honolulu’s Future in 2020. The former limit was 10%.
RMD for individuals over age 70 ½ are suspended until 2021. This includes distributions from defined benefit pension plans and 457 plans. The RMD is an attractive way for donors to make a significant charitable gift directly from their IRA to a charity through a qualified charitable contribution (QCD) while avoiding taxable income. The suspension of the RMD may dampen somewhat the incentive for a donor who makes a gift from their IRA to count toward that minimum. However, the tax benefit of the QCD remains.
The good news – donors directing a QCD to charity this year (up to $100,000 per individual) will still reduce their taxable IRA balance. This allows all taxpayers, itemizers and non-itemizers alike, to direct gifts from their IRA to charities like Trees for Honolulu’s Future in a tax-efficient manner. For more information, please talk with your retirement account administrator or accountant.
This information is not intended as legal or tax advice. Please consult with your tax advisor for specific guidance on these new tax law changes.
More ways to support trees!
