Let the State of
Michigan refund a portion of your gift to the Saginaw Rescue
Mission!
The State of
Michigan has made it possible for you to qualify for a special
tax credit based on your gifts to support the Saginaw City Rescue
Mission’s ministry to the homeless. Tax credits have greater
value than tax deductions because they are a reduction of the tax
you are required to pay not a reduction of income that is subject
to taxation.
Subject to
established limits, your tax credit is an amount equal to 50% of
your gifts. Gifts to the Mission that qualify for the Michigan
State Homeless Tax Credit total $200 for single individuals and
up to $400 for married couples filing jointly. Gifts of amounts
lower than the established limits also qualify for the Michigan
State Tax Credit. Therefore, a single individual can qualify for
up to a $100 Michigan Homeless State Tax Credit and a married
couple filing jointly can qualify for up to $200.
More Tax Savings
When you add your
Federal Tax Deduction to your Michigan State Tax Credit, a
significant tax savings is created! The net cost of your gifts is
amazingly much lower than the size of your gifts!
Two Examples of
Tax Savings for Gifts to the Saginaw City Rescue Mission
| |
Single Individual* |
Married Couple
Filing Jointly* |
| Gift |
$200.00 |
$400.00 |
| MI Tax Credit |
100.00 |
200.00 |
| Federal Tax Savings |
- 56.00 |
- 112.00 |
| Net Cost of Gift |
$ 44.00 |
$ 88.00 |
Figure Your Own
Personal Tax Savings. It’s as simple as 1 - 2- 3!
Total your
gifts to the Saginaw City Rescue Mission.
Subtract
your Federal Tax savings and Michigan State Tax Credit.
The result
is a net cost of gifts that is much lower than your
actual gifts to the Saginaw City Rescue Mission …
gifts that are used to feed the hungry, shelter the
homeless, and provide those who are less fortunate with
hope for tomorrow.
Still more tax
savings are available through gifts to the Mission’s
Endowment Fund. Call 752-6051 for details.
*The above
information is for example purposes only. The two examples used a
28% Tax Bracket to compute the Federal Tax Savings. Your net
reduced gift cost would be determined by your personal tax
situation. Consult your CPA, tax attorney, or tax advisor
regarding your personal actual net reduced gift cost.
Make a Gift Today! |
