Save Money and Animal’s Lives with Your Year-End Giving

December 3, 2020

Although COVID-19 has disrupted many aspects of our lives, our community’s desire to support organizations that matter to them has stayed strong. Kitsap Humane Society relies on contributions from individuals, families, local businesses, and more, and we are grateful for the generosity you and other KHS supporters have provided. 

There’s still time for you to make a gift before 2020 comes to a close. Here are some things for you to consider as you make your year-end giving plans.

You may be eligible to take a special deduction of up to $300 in annual contributions

This new tax incentive for charitable giving in 2020 came in March with the passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act. Please note: This “above the line” adjustment to income is only available to people who choose to take the standard deduction, rather than itemizing their deductions.

Consider making a Qualified Charitable Distribution from Your IRA

Although the Required Minimum Distribution from IRAs for individuals over age 70 ½ was suspended until 2021 through the CARES Act, making a gift to a charity, such as KHS, through a Qualified Charitable Distribution (QCD) from your IRA still allows you to give up to $100,000 ($200,000 for a married couple) without paying income tax on the money.  Click here for more details on QCD and frequently asked questions, and click here for a sample letter for your IRA Administer. Giving via a QCD reduces your taxable IRA balance and allows all taxpayers, itemizers and non-itemizers alike, to direct gifts from their IRA to charities in a tax-efficient manner. 

Gifting appreciated stock is another giving option that helps KHS save animals in need. 

Not only do you get the satisfaction of investing in top-quality animal welfare programs, you may receive tax savings at the same time! To qualify for these special tax advantages, the security must have been held for at least one year.

Consider giving through your Donor-Advised Fund

KHS welcomes gifts from your donor-advised fund. A Donor-Advised Fund, or DAF, allows you as a donor to receive an immediate tax deduction and then recommend grants to charities like KHS from the fund over time. If you have a DAF, you can contribute to the fund as frequently as you would like and recommend grants to KHS when it makes sense!

Interested or want more information? Please email Paula Rimmer or call her directly at 360-692-6977 ext. 1251.