Let's face it, even screen time gets old during a pandemic. The unexpected gift of time has motivated our creative members to DIY and new artistic pursuits, purging old projects and embracing new ones. The arts persist as we reconstruct our lives.
We've continued to support our artist community through a summer art show "Reflections" and a spotlight on the unique interpretations of Kerry Hirth. Both were inspirations to follow our internal musings.
We focused on young people's art, offering a day camp, special preschool class, and an oils class designed to complement the So. Boone High School art program.
We've had to cancel all our fundraising events and half our adult classes and workshops this year so find ourselves somewhat behind in our yearly budget.
We hope you will consider us again in your year end giving as we continue to bring the arts to the community.
Below is more information concerning changes in charitable gift giving and donations in general.
We've continued to support our artist community through a summer art show "Reflections" and a spotlight on the unique interpretations of Kerry Hirth. Both were inspirations to follow our internal musings.
We focused on young people's art, offering a day camp, special preschool class, and an oils class designed to complement the So. Boone High School art program.
We've had to cancel all our fundraising events and half our adult classes and workshops this year so find ourselves somewhat behind in our yearly budget.
We hope you will consider us again in your year end giving as we continue to bring the arts to the community.
Below is more information concerning changes in charitable gift giving and donations in general.
Please use the "Donate" button above to start your donation.
End of Year Giving
This year we are participating in Giving Tuesday. Using this universal day of giviing is an easy way to remember that giving to your favorite non-profit is a great way to thank them for the service and enrichment they provide to the community. We rely on your generous donations to support our adult and youth classes as well as our outreach programs with other local organizations.
CARES ACT-How it impacts Charitable Giving
The CARES Act makes a new charitable deduction available to individual taxpayers that do not itemize their deductions. This new benefit, also referred to as a universal deduction, allows for a charitable deduction of up to $300 per individual. This is an above-the-line contribution that is deducted from the individual taxpayer’s income prior to the calculation of their adjusted gross income. This is the one charitable giving benefit that will extend beyond the 2020 tax year.
In addition to the new universal deduction, for 2020, the Act provides incentives for both individuals and corporations by increasing the available deductions on qualified charitable contributions to:
In addition to the new universal deduction, for 2020, the Act provides incentives for both individuals and corporations by increasing the available deductions on qualified charitable contributions to:
- 100% of their adjusted gross income for individual taxpayers who itemize their deductions. Beyond the scope of the CARES Act, the deduction for qualified charitable contributions made by itemizing individual donors is limited to 60% of their adjusted gross income.
- 25% of taxable income for corporations. Up from the 10% limit which is generally applicable for corporations outside of the CARES Act.
Tax Free Gifts
Tell your traditional IRA administrator that you want to make a qualified charitable distribution to us. If you are 71 or over, you can make a tax-free gift. You will need to give your administrator our Federal Tax ID (or EIN), 47-4996077 and our legal name, Mid-Missouri Arts Alliance. They should be able to take care of everything from there and be sure to let them know it must be postmarked by December 31st.
We are by no means tax experts. Please consult with your tax advisor or plan administrator for full details.
We are by no means tax experts. Please consult with your tax advisor or plan administrator for full details.
