There have been several changes over the last few years about tax-deductible gifts, itemization, and credits. Most recently, the Senate passed the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) with provisions to support our economy during the current crisis.
Here are a few ways your cash gifts can help the animals at HSBV and impact your taxes:
Section 2204: Allowance of partial above the line deduction for charitable contributions
- Win-win! Your cash gift to the animals can lower your tax liability! This provision allows for eligible individuals to reduce their taxable income by up to $300 in 2020. Check with your tax preparer or service platform to learn how your gifts can change your filing.
What does $300 mean to the animals?
It saves a life! Your $300 gift covers the cost of care for most animals as they await their new home!
Section 2205: Modification of limitations on charitable contributions during 2020
- The sky is the limit (almost)! This section suspends and relaxes deduction limitations on charitable gifts for individuals who itemize and corporations. The impact of this provision is dependent upon your AGI (adjusted gross income), so be sure to talk to your tax preparer or service platform for more details about who this will impact your 2020 taxes.
Increased giving saves relationships!
If 100 supporters increase their giving by just $250 in 2020, our Safety Net can provide lifesaving surgery for 8 pets in need from our community, ensuring families remain intact, even when facing hardship.
The programs and services of HSBV continue to change as health recommendations shift and our situation evolves. HSBV is committed to providing animals in need the care and love they deserve, supporting happy and healthy relationships between pets and people, and always being here for you. Our community is relying on our Safety Net now more than ever as financial hardship ripples outward from the impact of this crisis on our economy. Your cash gifts allow our programs and services to adapt and evolve to meet the individual needs of the animals, and strategically shift as our community reaches out for help. Together, we are creating happy relationships and strengthening existing ones. Thank you for your incredible support!