The new tax plan is anticipated to make an impact on charitable giving, as many of us won’t be able to accrue enough deductions to exceed the new standard deduction of $12,000 for individuals and $24,000 for couples. But with a little creativity, there is some tax relief available—and it can mean help for your wallet and a lifesaving medical procedure for a pet in need.
People who are 70 ½ years old or older are required to take minimum distributions from their retirement accounts. They’re taxed at withdrawal—unless the gift is being transferred not to their bank account, but to a charity like the Connecticut Humane Society instead. This allows the donor to make a gift of impact while bypassing Uncle Sam.
The new tax plan maintains the advantages of donating shares of stock to charity. You can still donate appreciated stocks you’ve held for a year or more, and avoid the capital gains tax on the stock’s increased value. For example, if you purchased stock for $2,000 over a year ago, and it’s now worth $20,000, there would be no tax on the appreciated value of $18,000. (For stock transfer instructions, contact Director of Development Barbara Naugle at 860-594-4502, ext. 6324, or firstname.lastname@example.org )
Gifts from donor-advised funds are also accepted at CHS. The tax deduction is made when money is added to the fund, not when donations are issued.
Keep in mind that when giving from a personal check, gifts exceeding the standard-deduction threshold ($12,000 for individuals and $24,000 for couples) are still tax-deductible.
With the pets’ many different needs, gifts of all sizes and shapes make an impact. And every penny of your donation is spent on direct care for pets. CHS does not receive any government support and is not a part of any national groups. The pets only have you to count on to heal them, body and soul.