One good thing about 2020 – the CARES Act
Deduction Expires 12/31/2020
On March 27, 2020, the CARES Act was signed into law. Unlike 2019, when your charitable contributions were generally useless from a tax perspective, the CARES Act changed that. How?
1. Even if you don’t itemize, you may be able to deduct up to $300 in annual charitable contributions this year. It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thereby reduce taxable income.
2. Even individuals and corporations that itemize can benefit. Individuals can elect to deduct donations up to 100% of their 2020 AGI (up from 60% previously). Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%. Act now!! The CARES Act may not be extended to 2021.
Have you ever considered a gift of stock to help pets in need? Any publicly traded stock that has appreciated can be donated directly to Pilots To The Rescue. In doing so, you avoid paying capital gains and you may even be eligible for an income tax deduction of the fair market value of the stock.
Find out more at https://www.pilotstotherescue.org/ways-to-donate/
Does your employer offer a matching gift program? If so, you may be able to increase the power of your gift to Pilots to the Rescue!
Many employers match your personal donations – some 1:1 and others as much as 3:1. Companies with matching gift programs include GE, Soros, Gap, ExxonMobil, CarMax, BP, Johnson & Johnson, Microsoft, Pfizer, IBM, Bristol-Myers Squibb, Amex, and thousands more. Employer matching gifts may also be available to you if you are the spouse of an employee, a retired employee, or the spouse/widow/widower of a retiree. Check with your company for more information.
No employer matching program but still want to help? Check this page for more ways to help!