Idaho Tax Benefits of Charitable Contributions

You may know that you can make deductible contributions to charity but you may not know that some of these charitable contributions such as to educational entities in Idaho qualify for an additional 50% Idaho credit worth up to $1,000 for individuals and $5,000 for corporations!  The following chart shows some of the potential benefits.

 

Single

Married Filing Jointly

Corporation

Gift

 $1,000

$2,000

$10,000

Federal Deduction

280

560

3,500

State Deduction

78

156

760

State Tax Credit

500

1,000

5,000

Total Cost of Gift

142

284

740