Business Tax Recovery Logo


Tax Credit Consulting: Donations to Medical Research Buckeye AZ

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.

Thompson's Taxes
(623) 393-0735
506 E Monroe Ave
Buckeye, AZ

Data Provided by:
H&R Block
(623) 386-3213
105 N FOURTH ST
BUCKEYE, AZ

Data Provided by:
Associated Tax & Accounting Co
(623) 935-5127
114 N Old Litchfield Rd
Litchfield Park, AZ

Data Provided by:
Corliss Tax & Financial Svc
(623) 882-0400
1327 N Dysart Rd Ste E
Avondale, AZ

Data Provided by:
Montoya Tax & Accounting
(623) 936-5100
9371 W Van Buren St
Tolleson, AZ

Data Provided by:
H&R Block Inside The Shoppes Of Buckeye Marketplace
(623) 327-3817
1480 S WATSON RD
BUCKEYE, AZ

Data Provided by:
Donald D Herman EA, PC
(623) 935-7483
15655 W. Roosevelt St.
Goodyear, AZ
Prices and/or Promotions
1040 for $199

Campos Enterprises
(623) 882-8241
310 E Western Ave
Avondale, AZ

Data Provided by:
H&R Block
(623) 979-3821
7071 N 138TH AVE BLDG 1540
GLENDALE, AZ

Data Provided by:
H&R Block
(623) 584-6377
15411 W WADDELL rd
SURPRISE, AZ

Data Provided by:
Data Provided by:

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 ...

Click here to read the rest of this article from BusinessTaxRecovery.com