There’s still time to donate to a favorite organization or local endowment and receive a tax credit for 2016. Millie Youngquist with the Community Foundation of Washington County says you have until December 31st to make those donations. Also, if you donate to a charitable organization then it qualifies for a tax deduction. A donation to an endowment fund held by a qualified community foundation then you get the tax deduction and the Endow Iowa tax credit which equals 25% of your donation.

The Community Foundation of Washington County has many endowments already established from Camp REECE to PAWS and More, there are also many scholarships to the schools in the county. Younguist explains it can help you and help the community as each organization with an endowment receives a check annually.

People who are 70 or older there’s a required minimum distribution and sometimes those distributions can push someone into a higher tax bracket. However, those distributions can be designated for an endowment as a charitable gift and get a tax deduction and the Endow Iowa tax credit. Endowments continue to grow in years to come as they are in perpetuity.

For more information listen to the Washington Page with Youngquist at KCIIRadio.com.

Contact Younguist at cfwc.my@gmail.com or (319) 653-4673.