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Tax Credit Consulting: Donations to Medical Research Cordele GA

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.

H&R Block
(229) 273-9902
3302 FRONTAGE rdSTE B
CORDELE, GA

Data Provided by:
Mr. John R. Murray (RFC®), LUTCF
(912) 265-1932
PO Box 1733
Brunswick, GA
Company
John Murray & Associates Financial Group
Qualifications
Education: 31 Years in Public Accounting and Tax Services.20 Years in Insurance andFinancial Services.
Years of Experience: 25
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Family Offices, Mortgage Loans, Annuities, Life Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Lawrence W. Hoffman (RFC®), CFP, CHFC
(706) 323-9980
18 9th Street, Suite 500
Columbus, GA
Company
First Command Financial Planning
Qualifications
Education: BS in General Engineering from United States Military Academy (West Point). MS in Administration from Central Michigan. MS in Secondary School Education (Principal) from East Central University (Oklahoma).
Years of Experience: 11
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Family Offices, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Auto Home Insurance, Charitable Planning, Education Plan, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Noah Reichert
2450 Atlanta Hwy
Cumming, GA
Company
Company: North Georgia Investment Planning LLC
Education
Georgia State University/BS PUblic and Urban Affairs
Georgia State University/MBA in Finance
Years Experience
Years Experience: 5
Service
Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,Wealth Management,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income Tax Planning,Pension for Highly Compensated

Data Provided by:
Mr. Maurice O. Miller (RFC®), CEP, MBA
(404) 298-0054
PO Box 1366
Stone Mountain, GA
Company
TM Financial Group, Inc/PBBIC Strategies
Qualifications
Education: BS, MBA
Years of Experience: 16
Membership
IARFC, NAPFA, NICEP
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Business Coach, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Jackson Hewitt
(229) 268-1040
114 East Union Street
Vienna, GA

Data Provided by:
Daniyal Inamullah
4751 Best Road
Atlanta, GA
Company
Company: Waddell & Reed
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
Emory University/BA Economics
Service
Stock Market Alternative,Alternative Investments,Annuities,Alternative Asset Class Planning,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income Tax Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Life Insurance,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Disability Insur

Data Provided by:
Mr. Gordon L. Hillegas (RFC®), EA
(706) 234-7468
500 East 2nd St.
Rome, GA
Company
Peachtree Planning Corporation
Qualifications
Education: BS
Years of Experience: 17
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Alan McKnight, MBA, CFP®
200 Galleria Parkway
Atlanta, GA
Company
Title: Vice President
Company: Kays Financial Advisory Corporation
Type
Registered Investor: Yes
Education
Southern Polytechnic State University/Bachelor of Mechanical Engineering
Kennesaw State University/MBA/Finance
College for Financial Planning/Certified Financial Planning
Years Experience
Years Experience: 15
Service
Stock Market Alternative,Wealth Management,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Individual Income Tax Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Disability Insurance,Retirement Planning,Long-Term Health Care Planning,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only

Data Provided by:
Dr. Leonard D. Stimley (RFC®), MBA, PHD
(678) 986-9710
695 Ashford Cove Drive
Lilburn, GA
Company
Mobius Consulting Group
Qualifications
Education: BSEE, MBA, Ph.D(Financial Analysis)
Years of Experience: 9
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Charitable Planning, Asset Protection, Compensation Plans

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 ...

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