F e d e r a l
D e d u c t i o n s f o r D o n
o r s
As a long-established 501(c)(3) non-profit,
tax-exempt organization, the Soho Center gratefully accepts donations
in
support of our activities. Each donation generates a tax
deduction
on the donor's federal income tax return. That part's the same as donating to any federally-0recognized non-profit.
S
p e c i a l
E x t r a 4 0 % T a x O p p o
r t u n i t y
f o r V i r g i n i a
I n d i v i d u a l s a n d
B u s i n
e s s
D o n o r s
Of
special interest to
donors that have Virginia income tax obligations is
the Soho Center's long and continuing participation in the
Commonwealth's
Neighborhood
Assistance Program (NAP).
Under this
special program, a donation of cash or securities to the
Soho Center by any Virginia corporation, partnership, sole
proprietorship, individual or couple also generates a
Virginia Tax
Credit worth 40%
of
the amount donated. This credit can be used - dollar for dollar - to pay your
Virginia Income Tax obligations. And this extra 40% Virginia
Income Tax Credit is in
addition to the full federal tax savings from
the donation.
Here's an example of the benefits of this unique tax-saving benefit -
Assume a donation of $1,000 by check or in marketable
securities. This donation would give a donor the standard $1,000 federal deduction (worth
a tax savings of up
to $390, depending on the donor's tax bracket).
In addition to the full federal
deduction, the donor would also receive an extra $400
tax credit. The donor can then use this credit -
dollar for
dollar - to pay their Virginia Income Tax obligations. And
this credit can
be rolled forward for up to five years.
Put
another way, a donation of $1,000 from a Virginia individual, couple, or
business provides $1,000 of support for the Soho Center,
while generating approximately $650 of tax savings for the donor - making
the net
cost of the donation approximately $350.
If you're ready to make a donation, please Click Here
After you
make your online donation, please call us at 540-923-5012 to get
the simple one-page form needed to file for your 40% Virginia Income
Tax Credit. If you would rather send your donation to us directly, please call us at 540-923-5012
| NOTE: If you are interested in learning more about the Soho Center's unique ZERO-COST
donation opportunity for those in the 25% (or higher) federal tax
bracket who have more than $2,000 of Virginia income tax obligations,
please Click Here. |
