Soho Center Logo - Welcome!
 
A Unique ZERO-COST Donation
Opportunity to Support the Soho Center
This unique opportunity works if you pay
Virginia Income Tax and are in the 25% (or above) federal tax
bracket.  If that's you (and you like the idea of directing how
your taxes are used), you're going to love this!

______________________________________________________________

Soho Center's Director, Jeanna Beker, with Governor Bob McDonnell, discussing the Soho Center's newest effort, the Virginia Health Information Project (VHIP).

To visit the VHIP, click here - and to  visit the Soho Center, click  here.
______________________________________________________________

.

This is a unique opportunity to redirect taxes you would have paid anyway.  It is made possible by combining a federal deduction, a 40% Virginia income tax credit*, and the generosity of a long-time supporter of the Soho Center who will make a personal gift by check to bring the net, after-tax cost of your donation to zero.

Here's an example of how it works -

Let's assume you are in the 25% bracket federally, you pay at least $2,000/year in  Virginia income tax, and you decide to make a $5,000 donation to the Soho Center.  

Here's what happens -

You donate:

 $5,000
You get a VA tax credit*
         (40% of $5,000 = $2,000)
You use this credit dollar-for-dollar
to pay your VA income tax   

($ 2,000)
Your federal tax is lowered by:                      
       (25% of $5,000 = $1,250)

 ($ 1,250)
You get a personal gift check                         
      to zero out donation cost:

 ($1,750)
_______
Net Cost of your $5,000 Donation: $  - 0 -


In this example, our long-time Soho Center supporter will make you a personal gift (by check) to bring your after-tax net cost to zero.  In this case, the gift would be $1,750.  This $1,750 is a true gift under IRS rules  - there is no coercion and the gift is not taken as a deduction by our supporter.  Further, our supporter will neither seek nor receive any benefit from you (services, payment, etc.) for having made the gift.  And since the gift is less than $13,000, neither you nor our supporter have any IRS reporting obligation. (And, regardless of its amount, such a gift has no tax effect on you, the recipient.)

NOTE:  If a potential donor has greater Virginia Income Tax obligations, the amounts in this example (including the gift) can be scaled up to fully eliminate the amount of VA tax owed - and the net cost of your donation (after federal and state tax savings and our supporter's gift check) still remains zero.  

The minimum donation amount to take advantage of this unique zero-cost opportunity is $5,000 - and we can work with you structure the payment over the course of the year, if needed.

*Tax Credit information - The Soho Center is a 15 year participant in the Virginia NAP Income Tax Credit program. This innovative state program rewards donors to the Soho Center with a tax credit worth 40 % of the donated amount.  This tax credit can then be used, dollar-for-dollar, to pay the donor's Virginia income tax obligations.  Any excess credit can be rolled forward for up to 5 years.  For more information on this tax credit program, please call the Soho Center at 540-923-5012.


If you would like to take advantage of this unique ZERO-COST donation
opportunity, please call the Soho Center's Director, Jeanna Beker, at 540-923-5012 to discuss this further.