When you make an endowed gift to the Wayne Community Foundation or any of it’s funds, it will cost you far less thanks to Iowa’s generous Endow Iowa 25% state tax credit. For example, after the state tax credit and federal deduction, (a $10,000 gift will cost a couple in the 35% tax bracket just $4,000).
With sixteen funds, Wayne Community Foundation strengthens the lives of people throughout your community every day. As you anticipate charitable giving, please consider a gift to Wayne Community Foundation or one of it’s funds.
Income Tax Savings and Net Cost of Charitable Gifts
- Amount of gift – $10,000
- State Tax Credit – $2,500 (a)
- Federal Tax Deduction – $10,000 (b)
- Federal Tax Rate – 35.0% (c)
- Federal Tax Savings – $3,500 (d)
- Total Tax Savings – $6,000
- Net Cost of Gift – $4,000