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Tax Credit Consulting: Donations to Medical Research Leawood KS

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.

Jason Black
9308 Mohawk Lane
Leawood, KS
Company
Title: President
Company: Evimero Wealth Management
Type
Registered Investor: Yes
Education
Kansas State University/Bachelors of Science Business
Years Experience
Years Experience: 17
Service
Wealth Management,Annuities,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,CD Alternative,Life Insurance,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Individual Income Tax Planning,Disability Insurance,Retirement Planning,Investment Consulting & Allocation Design,Insura

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Kerry Niece CFP
4200 Little Blue Parkway
Independence, MO
Company
Title: President
Company: National Financial Services, Inc
Type
Investment Advisor Rep: Yes
Education
Fort Hays State University
Years Experience
Years Experience: 34
Service
Individual Income Tax Planning,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Hourly Financial Planning Engagements,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Plann

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Marks Nelson Vohland Campbell Radetic LLC
(913) 498-9000
7701 College Blvd., Ste. 150
Overland Park, KS
 
Liberty Tax Service
(866) 871-1040
8932 W 95th St
Overland Park, KS

Data Provided by:
Guy E Martin, CPA PC
(913) 341-2206
6600 W 95TH St Ste 101
Overland Park, KS

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Donald D. Allenbrand (RFC®), CPA
(816) 931-7633
1201 NW Briarcliff Parkway, Sutie 335
Kansas City, MO
Company
Wealth Enhancement Group, Inc.
Qualifications
Education: CPA, CWS
Years of Experience: 32
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, Precious Metals, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuyS

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Mr. Scott M. Schulze (RFC®)
(816) 285-4600
19201 E Valley View Pkwy Ste D
Independence, MO
Company
Mike Martin Financial Group
Qualifications
Education: Series 6,7,63,65, Life and Health Insurance License.
Years of Experience: 7
Membership
IARFC, MDRT
Services
Invoice, Portfolio Management, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Asset Protection

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JK Harris&Company Tax Representation Firm-Call Now
(800) 621-0536
7500 W. College Blvd, 5th floor
Overland Park, KS

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Nederman Tax Svc
(913) 515-5515
8600 W 95th St Ste 102
Shawnee Mission, KS

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Best Tax Service The
(816) 363-0555
8419 Wornall Rd
Kansas City, MO
 
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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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