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Monday, 21 December 2020 12:33

Donate by Dec. 31 for Year-End Tax Savings

Donate by Dec. 31, 2020, to help the animals Donate by Dec. 31, 2020, to help the animals

If you are in a position to make a donation the Kentucky Humane Society this December, we want to let you know about a few tax deduction changes Congress recently made through the CARES Act for 2020 charitable donations.

  • The CARES Act expands charitable giving incentives and allows taxpayers who take the standard deduction to make up to $300 of charitable contributions to qualified charities this year.
  • For those who itemize their taxes, you can now deduct up to 100% of your adjusted gross income (AGI) for charitable donations made in 2020.
  • If you donate through your business, your corporation can deduct up to 25% of its taxable income for charitable donations made during 2020.

 

To claim a gift as a tax deduction for 2020:

  • Mailed gifts must be post-marked by December 31. Please mail donations to: Kentucky Humane Society, 1000 Lyndon Lane Suite B, Louisville KY 40222.

  • Online donations must be completed by 11:59 p.m. (Eastern Time) on December 31. Give online at www.kyhumane.org/donate

  • Hand-delivered gifts must reach the Outreach Office, located at our East Campus, 1000 Lyndon Lane Suite B, Louisville KY by December 31. Due to COVID-19 restrictions, please call ahead so we can arrange to have a staff member there to meet you outside. To schedule a day and time to drop off your donation, please call Frank at 502-515-3143. Get directions using Google Maps

If you are making a gift in honor of or in memory of a loved one, please provide the name of the person or pet and an address where we should send a card.


Required Minimum Distributions Suspended

The law allows retirees to forgo taking Required Minimum Distributions (RMDs) from IRAs or other defined contribution plans, such as 401(k)-type plans for the 2020 tax year. Despite the RMD suspension, remember that if you are 70½ or older, you can still make a gift from your IRA or name the Kentucky Humane Society as a beneficiary.

Why a Gift from Your IRA May Still Be a Good Idea

  • Your gift will be put to use today, allowing you to see the difference your donation is making.
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Read 250 times Last modified on Tuesday, 22 December 2020 09:00