Oregon taxpayers can act today to lower their tax burden and feel good at the same time.
You need not itemize to take advantage of these Oregon-specific tax incentives. You will have to file the state's longer Form 40.
One oft-overlooked option is the
. We wrote about this program
. Contributions benefit the Neighborhood Partnership Fund, a nonprofit that teaches lower-income residents how to budget and save for their first home, college or small-business launch.
Donors can claim 75 percent of their gifts as a tax credit on their state return, up to a whopping $75,000. That's a great way to reduce your state tax bill. And the partnership gladly accepts donations of stock or mutual fund shares. Visit
to donate. There were still
to purchase as of Thursday!
One nonprofit that links IDAs to those in need is
. The domestic violence shelter and service provider offers eight-week-long financial education classes. Called
they help victims get back on their feet and less financially dependent on their abuser.
Bradley Angle also offers Individual Development Accounts to domestic violence survivors, which matches $3 for every $1 they save to, for instance, go to school. Besides buying IDA tax credits to support this program, you can also
.
Another option is to give to a culturally related nonprofit. Then, give a matching amount to the
.
You can claim the amount you give the trust as a credit on your state tax return, up to $500 for an individual and $1,000 for a couple. More than 1,300 nonprofits qualify, including many friends of local
library groups, community orchestras and school district foundations
.
You can search by name, city or county for qualified organizations
.
Looking for other finance-related ideas? Consider donating to
. The Portland-based nonprofit facilitates
. It also trains school teachers in financial literacy.
Remember, federal law allows you to give as much as 50 percent of your adjusted gross income in cash and noncash donations to charity. Anything above that cannot be deducted unless you carry them forward to future returns.
A different limit applies to donations of stock or other properties with long-term gains. In those cases, you can deduct only the fair market value of those gains up to 30 percent of your Adjusted Gross Income. For more details, read
. You'll have to itemize to take advantage of the federal tax deduction for charitable giving.
Thanks for giving, and Happy New Year!
-- Follow It's Only Money on
,
or
.