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Tax Season Provides Opportunities and Benefits for Supporting SOKY

Special Olympics KentuckyThe Coronavirus outbreak has extended one opportunity to support Special Olympics Kentucky athletes and provides all taxpayers with a new chance to benefit next year from donating now.

The outbreak has caused both the state and Federal government to extend the tax filing deadlines from the traditional April 15 to July 15. This has extended your opportunity to take part in the Kentucky state tax check off program.  If you haven’t already filed your Kentucky state tax return this year, there is still time to make a quick, easy donation to SOKY on your state form 740. Simply fill in an amount on line 38(g) of your form and that amount will be forwarded to support our athletes. The amount will be deducted from your state refund or added to your state tax bill.

This is the third year of the tax check-off program since it was approved by the State Legislature in 2015. It has been an important source of revenue for our program.

In addition to the tax check-off program, the recently passed Coronavirus relief bill (CARES Act) provides a benefit to any taxpayer who supports SOKY or any other non-profit.

The final wording of the bill allows a one-time above-the-line deduction of up to $300 for any charitable donation for taxpayers who take the standard deduction. This will reduce your adjusted gross income by that amount when you complete your taxes NEXT year, reducing your tax liability. If you are one of the few taxpayers who does itemize deductions, the limit on the amount of charitable gifts you can deduct has been suspended for one year. If you have questions about how the CARES Act affects your charitable donations, remember to contact your accountant.

These are times of great need for many organizations, including ours. While we have stopped activities through our Summer Games, we continue to be hopeful to have our athletes back in competition for the summer season, and funds will be needed to make that possible. If you are in a position to do so, please consider helping us provide life-changing sports, health and school community building programs for the people we serve.

For more information, contact Trish Mazzoni, President and CEO, at 502-695-8222 or tmazzoni@soky.org.

Permanent link to this article: http://soky.org/tax-season-provides-opportunities-and-benefits-for-supporting-soky/