A
Wonderful, Legal, and
Completely No-Cost Way to Support
the Virginia
Health Information Project
 This unique opportunity works if you pay
Virginia Income Tax and
are in the 25% (or above) federal tax
bracket. If that's you (and you like the
idea of directing how
your
taxes are used), you're going to love this!
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The
Virginia
Health Information Project is an innovative
health initiative of the
Soho Center, a 38 year-old non-profit with a
successful history of
helping children and families.
Soho
Center's Director, Jeanna
Beker, discusses how the Virginia Health Information Project
benefits Virginia families with Governor Bob
McDonnell
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This
is a unique opportunity to redirect taxes you would have paid anyway.
It is made possible
by combining a federal deduction, a 40% Virginia income tax credit*,
and
the generosity of a long-time supporter of the Soho Center who will
make a personal gift by check to bring the net,
after-tax
cost of your donation to zero.
Here's an example of how it works -
Let's
assume you are in the 25% bracket federally, you pay
at least
$2,000/year in Virginia income tax, and you decide to make a
$5,000 donation to the Soho Center.
Here's what happens -
You donate:
|
$5,000 |
You get a VA tax credit*
(40% of $5,000 = $2,000)
You use this
credit dollar-for-dollar
to pay your VA income
tax
|
($ 2,000) |
Your federal tax is
lowered by:
(25% of $5,000 = $1,250)
|
($ 1,250) |
You get a personal gift check
to zero out donation cost:
|
($1,750)
_______ |
| Net Cost of your $5,000 Donation: |
$ - 0 - |
In this example, our long-time Soho
Center supporter will make you a personal
gift (by check) to
bring your after-tax
net cost to zero. In this case, the gift
would
be $1,750. This $1,750 is a true gift under
IRS rules
- there is no coercion and the gift is not
taken as a deduction by
our supporter. Further, our supporter will neither seek nor
receive any benefit
from you (services,
payment,
etc.)
for having made the
gift. And since the gift is less than $13,000,
neither you
nor our supporter have any IRS reporting obligation. (And,
regardless of its amount, such a gift has no tax effect on
you, the recipient.)
NOTE: If a
potential donor has greater Virginia Income Tax
obligations, the amounts in this example (including the gift) can be scaled
up to
fully eliminate the amount of VA tax owed
- and the net
cost of your donation (after federal and state tax savings and
our
supporter's
gift check) still
remains zero.
The minimum donation amount to take
advantage of this unique zero-cost opportunity is $5,000 - and we can
work with you to structure the payment over the course of the year -
for example, through quarterly donations that eliminate or lower your
quarterly tax payments.
*Tax Credit
information - The
Soho Center is a 15 year participant in the Virginia NAP Income Tax
Credit program. This innovative state program rewards donors to the
Soho Center with
a tax credit worth 40% of the donated amount. This tax
credit
can then be used, dollar-for-dollar, to pay the donor's
Virginia income
tax obligations. Any excess credit can be rolled forward for
up
to 5 years. For more information on this tax credit
program, please call the Soho Center at 540-923-5012.
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If
you would like to discuss taking advantage of this unique
ZERO-COST
donation opportunity, please call the Soho Center's
Director, Jeanna Beker, at 540-923-5012
For
more information on the
Soho Center and our range of free
health and child-related projects, please click
here
to visit our extensive website.
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