Waynesboro Area Refuge Ministry, Inc (WARM) is currently distributing 2020-2021 State Tax Credits from the Virginia Department of Social Services’ Neighborhood Assistance Program
Waynesboro Area Refuge Ministry, Inc (WARM) is currently distributing 2020-2021 State Tax Credits from the Virginia Department of Social Services’ Neighborhood Assistance Program
Donor Type | Minimum Donation | Eligible Donation Type |
---|---|---|
Individual | $500 | Cash or Marketable Securities ($125,000 max gift) |
Business | $616 | Cash or Stock (Services, Real Estate, Rent/Lease gifts considered) |
Benefit Example #1 | |||
---|---|---|---|
Tax Savings: (this example uses non-AMT taxpayer at 35% Federal rate with the max tax credit rate of 65%; please note that WARM distributes its tax credits at the 50% rate to help meet the organizations annual individual & business budget goals and maintain a diversified income approach) | |||
Donation Amount | $1,000 | $2,500 | $10,000 |
Federal: Tax deduction for contribution @ 35% rate | $350 | $875 | $3,500 |
Virginia tax credit - at 65% | $650 | $1,625 | $6,500 |
Less: reduction of federal itemized deduction for VA tax | -$247.62 | -$619 | -$2,476.25 |
Total Tax Savings | $809.88 | $2024.75 | $8,098.75 |
Net cost of contribution | $190.12 | $475.25 | $1,901.25 |
Individual Donor – $500 minimum cash or marketable securities donation
Maximum tax credit/married couple = $50,000
Business Donor – $616 minimum donation
Maximum individual tax credit = $125,000