The CARES Act makes this the perfect time to help even more animals — and save on your taxes!
The CARES Act was implemented by Congress to help our nation through the COVID crisis. A lesser-known benefit of the CARES Act may be the helpful in your tax planning for 2020. There are two ways the CARES Act might help you help the animals…
- Universal Deduction for Donations Up to $300
For those who no longer itemize their charitable giving, the CARES Act allows you to deduct charitable donations of up to $300 on your 2020 federal income tax return, even though you take the standard deduction. If you are Married-filing-jointly, you receive an above-the-line deduction of up to $600.
- Raising the Charitable Giving Deduction Cap
For those who itemize their deductions, including gifts to 501(c)(3) public charities, the deduction cap is 60% of adjusted gross income. Corporations may deduct charitable donations up to 10% of taxable income.
HSSC depends on dedicated donors like you to support our mission, ensuring every animal receives protection, compassion, love and care. This unique opportunity may allow you to help even more animals during these challenging times.
Please consult your tax accountant or financial advisor for guidance on potential benefits of the CARES Act for you.