Size of charitable deductions depends on many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to...
Leverage the benefits of your charitable deduction by making a donation to an endowed fund at a qualified community foundation. For instance, if you make a contribution to an endowed fund sponsored by the Madison County Community Foundation, you have to ability to obtain a tax credit equal to 20% of your contribution up to a maximum credit of $10,000. In addition to the tax credit, you may be able to deduct 100% of the donation as an itemized deduction on your Federal and Kentucky tax return.
You may also establish and donate to an endowment fund designed specifically for a charitable purpose of your choosing.
If you are interested in more information about endowment funds sponsored by the Madison County Community Foundation, please contact an advisory board member at 859-225-3343. Advisory board members of the Madison Community Foundation include Jeff Fultz, Harry Moberly, Pat Ballinger, Mendi Goble, Ralph Hacker, Tracy Blevins and Bill Upchurch. Contact Bill Upchurch directly at 859-626-4970 for more information about how to qualify for this deduction and credit.
posted by Billy Upchurch, CPA/ABV/CFF, CFE, CVA
2 min read
Charitable IRA rollovers may be especially beneficial in 2018
Marketing : 10/2/18 12:00 AM
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without...
1 min read
2016 IRA contributions — it’s not too late!
Marketing : 3/16/17 12:00 AM
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is...