With the tax deadline soon approaching, you and your business still have time to acquire a 40 percent Foundation, your local accredited and licensed 501 C (3) charitable institution, has an accredited North Dakota Endowment Fund.
By TED UECKER
By giving $5,000 or more per individual per year up to $25,000 to our qualified Endowment Fund, you can receive a 40 percent North Dakota tax credit (up to a maximum tax credit of $10,000 per year per individual or $20,000 per year, per couple filing jointly). This is in addition to your federal tax credit for charitable giving.
For example, if you decide to give $10,000 to the WRHS Foundation’s Endowment Fund, you could receive a $4,000 ND tax credit. And if you were in a 40 percent federal tax bracket, you’d receive another $4,000 tax credit. Therefore, your $10,000 gift would really only cost you $2,000!
Businesses that pay state income taxes may also receive a 40% tax credit up to a maximum credit of $10,000 by making a $5,000-$25,000 gift to an accredited Endowment Fund.
For instance, if a business gave $25,000 to the WRHS Foundation, they’d receive a $10,000 ND tax credit and if they were in a 40 percent federal tax bracket, they’d receive another $10,000 tax credit. Therefore, their $25,000 gift would only cost them $5,000!
Let’s all admit one thing: this is an amazing tax credit! With the state of our recent oil and grains economy, and our ND state legislature recently making 4.5 percent cuts to their budget (accounting for over $1 Billion in cuts), how much longer do you think North Dakota will give us this 40 percent tax credit? Acting upon this tax credit sooner than later might be a smart idea.
If you have any questions about this amazing 40 percent North Dakota tax credit, please see your financial planner or contact Ted Uecker at WRHS Foundation at 701-567-3666. Why not save taxes while supporting your local healthcare at the same time? Together we can make a difference for your bottom line and our community’s health.