’Tis the season to be compassionate—and thanks to new tax legislation, it’s easier than ever to help animals! In a year when many Americans have faced financial hardship because of the pandemic, PETA did more than ever to provide animals with urgent help and essential advocacy, thanks to our generous supporters.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act—which passed earlier this year—features a few significant incentives for individuals to help their favorite charities at the end of this challenging year.
Standard Deductions Have Spectacular Impact
Spread some seasonal cheer without breaking a sweat. The CARES Act creates a simple, universal charitable deduction that people can take when completing a non-itemized tax return. If you use the standard deduction when filing taxes, you can deduct up to $300 worth of charitable donations of cash above the line. This makes it easier than ever to support PETA’s essential work while reducing your taxable income.
Itemizing? No Problem! Here’s How to Help Animals
Deck the halls with tax incentives! Even if your tax return is a little complicated, the CARES Act makes it super-simple to help animals when donating to PETA. The act removes a limitation on cash contributions for people who itemize their tax returns—meaning that you can deduct up to 100% of your adjusted gross income (AGI). This guideline applies to cash contributions, but not to donor-advised funds (DAF)—you can find information about giving through a DAF here.
This legislation offers many ways in which supporters can help PETA make the world a kinder place for animals. These may include making a cash gift of depreciated stock you have sold or even eliminating your taxable income by making sufficient cash donations. Of course, it’s important to consult your tax adviser about your intention to help animals—and reduce your AGI—with a cash gift.
Corporate Compassion Creates Cheer
After a tough year, it’s very meaningful to see corporate chairs making room for animals in their year-end planning—and they can help animals in 2021 by donating to PETA. The CARES Act has increased the AGI limit for cash contributions from corporate donors—a corporation can now deduct up to 25% of its taxable income via cash donations.
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