Washington County residents have tax credits available for those who make gifts to endowed funds through the Community Foundation of Washington County yet this year. Steve Olson, Board President of the Community Foundation of Washington County says the Endow Iowa program lets people help their communities by making gifts that will have a positive impact for future generations.
He says the process is simple in giving an amount to a charitable foundation. You just need to determine the non-taxable amount you wish to give which will give you a 25% tax credit receipt.
He says there are almost two million dollars in tax credits in the state of Iowa that can be awarded to those who want to set up an endowment. Olson adds this endowment can be set up using funds from an IRA account.
To find out more information, contact the Community Foundation of Washington County.