It’s Easier to Get Tax Deductions for Donations in 2020.
If you donated in 2020, are planning to donate before year’s end, and you often find tax information discombobulating, see in simple terms how you can donate up to $300 and receive a tax break when you do!
2020 has been a difficult year for all of us. The hardships you’ve experienced haven’t stopped you from supporting our work to end animal suffering and we are grateful for you! I want to ensure you, an animal-lover and supporter, are informed of some very important tax benefits you can receive when you donate to us and other qualified charitable organizations.
If you donated in 2020, are planning to donate before year’s end, and you often find tax information discombobulating, see in simple terms how you can donate up to $300 and receive a tax break when you do! Let’s break it down.
In the beginning of 2020, Congress created the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 in response to the economic fallout of COVID-19. This legislation enables taxpayers who take the standard deduction the ability to take an additional deduction of $300 for qualified charitable contributions without itemizing. In a normal year, you can only deduct charitable donations if you itemize your taxes.
What this means for you:
You can deduct up to $300 per tax filing unit (if you file jointly, the most you can deduct is $300)
Donations made in cash qualify (cash, in this case, is defined as: credit or debit card, check, or an electronic funds transfer)
This special tax deduction doesn’t apply if you itemize your tax return
No matter the size of your donation, each gift is appreciated and used towards our mission of moving the world to protect animals. We campaign for farmed animals to live better lives, rescue bears and elephants from lives of cruelty, save wildlife affected by natural catastrophes, and so much more. Imagine what we can do together in 2021!