Federal
Taxes To illustrate the net cost of a
$1,000 cash gift, assume the gift is made by
a taxpayer with a combined state and federal marginal
income tax rate of 36 percent. The amount of the tax
bracket, multiplied by the amount of the gift, is subtracted
from the gift to determine the net cost to the donor.
36% x $1,000 = $360 ---> $1,000 - $360 = $640 -->
Net cost of gift = $640
Michigan Tax Credit To receive a Michigan Tax Credit,
you'll need to donate to Lakeshore Habitat for Humanity
through the Community Foundation of the Holland/Zeeland
Area.
Donating
to Lakeshore Habitat via the community foundation qualifies
you for tax savings using the Michigan Community Foundation
Tax Credit. For example:
Single Individual *
Married Couple
Filing Jointy *
Contribution
Amount
$200.00
$400.00
Michigan tax
credit
100.00
200.00
Federal tax benefit
56.00
112.00
Net Cost of
Gift
$44.00
$88.00
*
This is an example of tax savings for illustrative purposes
only and should not be construed as tax advice.
Your personal tax situation may be different. Please
consult your tax professional for advice.
Ask your personal or corporate
tax advisor about how these credits could work for you.
You can also use the Michigan Community Foundation web
site's Tax Credit Calculator to determine the savings
realized for your contribution; click here
to download this tool.
To learn more about how to give
to Lakeshore Habitat through the community foundation,
please visit their web site by clicking here.
You may also contact the foundation by phone at (616)
396-6590 or email at info@cfhz.org.
Your gift could help us buy: $10 = Box of Nails
$35 = Roof Shingles
$50 = Low Flow Toilet
$75 = Window
$100 = Kitchen Sink
$150 = Front Door
$500 = Siding
$1000 = Wallboard
$2000 = Flooring
One Square Foot
at a time!
It takes roughly
$100 per square foot
to build a Habitat home.
How many square feet
can you help build?
Get your friends, neighbors, family, coworkers to help you buy at
least one square foot of a Lakeshore Habitat Home.