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Tax Credit Consulting: Donations to Medical Research Bellevue NE

The fact that a business might receive a tax credit for money devoted to research and development under programs designed to encourage R&D for its potential economic impact makes it seem logical that donations by individuals would qualify for credits as well. The fact is that several States have programs that give direct tax credits for individual donations to qualified Medical Research programs.

Mr. Frank C. Bogacz (RFC®), EA
(402) 551-3423
4715 S. 80th Street
Omaha, NE
Company
Bogacz Tax and Financial Services
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Years of Experience: 22
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IARFC
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Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Compensation Plans

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Mr. Scott C. Taylor (RFC®), CHFC, CLU
(402) 571-1505
7216 Graceland Drive
Omaha, NE
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Midwest Capital
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Education: BBA, CLU, ChFC
Years of Experience: 28
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IARFC, MDRT, SFSP, NAIFA
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Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

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H&R Block
(402) 292-1196
106 MEYER AVE BLDG 166
OFFUTT A F B, NE

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Jackson Hewitt
(402) 813-5488
4428 S. 24th Street
Omaha, NE

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Nebraska Tax Svc
(402) 614-4430
4824 S 24th St
Omaha, NE

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Mr. Richard A. Strevey (RFC®), CFP
(402) 445-2288
14301 FNB Parkway #306
Omaha, NE
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Strevey Financial Services
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Education: BS
Years of Experience: 34
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IARFC, MDRT, FPA, NAIFA
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Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

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A C Tax & Accounting
(402) 291-2335
1311 Galvin Rd S
Bellevue, NE

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Liberty Tax Service
(866) 871-1040
3504 Samson Way # 101
Bellevue, NE

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Casey's Tax Svc
(402) 731-6715
4104 S 42ND St
Omaha, NE

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Ortega Tax Svc
(402) 734-4745
4923 S 24TH St Ste 202
Omaha, NE

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Tax Credit Consulting: Donations to Medical Research

Tax Credits for Donations to Medical Research

While many States are offering tax credits for donations to Medical Research, they must be counted as deductions for charitable contributions on Federal tax returns.

Tax Credits for Donations to Medical Research

The fact that a business might receive a tax credit for money devoted to research and development under programs designed to encourage R&D for its potential economic impact makes it seem logical that donations by individuals would qualify for credits as well. The fact is that several States have programs that give direct tax credits for individual donations to qualified Medical Research programs.

A tax credit has a major advantage over a tax deduction. The tax credit comes directly off the amount of tax owed. Therefore, it is not subject to any modification based on income or tax rate. If you have a tax credit of $1000, you are going to owe $1000 less tax regardless of your income. If you have a tax deduction of $1000, your actual savings is going to be $1000 times whatever your tax rate is based on your gross adjusted income. The more money you earn, the higher your tax rate and the more your deduction will save you in tax actually owed.

So, the question could be asked why States are giving tax credits for donations to Medical Research and the Federal tax codes are considering them only as deductions under the heading of charitable deductions. The answer has more to do with the nature of politics in a representative democracy like the United States than with tax codes. Some of the time, a good idea takes a little bit of time getting from the State level to become the law of the whole land.

Tax credits are often used to encourage activities that benefit the country as a whole. Medical Research would certainly seem to fit into that definition. However, the budget demands of the country and the need to get a majority of the Federal Government to accept this idea makes it a slow and time consuming ...

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