| What is Yad Ezra?
|
For the state of Michigan, whether the determination is based on a calendar year or fiscal year, the credit for a donation to Yad Ezra is limited as follows:
| Single taxpayer | $200 |
| Married couple | $400 |
| Corporations and businesses | $10,000 |
The following are examples of the net costs of giving to Yad Ezra:
| A: Taxpayers in the 35% Federal Tax Bracket | ||
|---|---|---|
| Single taxpayer | Married taxpayer | |
| Contribution | $200 | $400 |
| Federal tax reduction | (70) | (140) |
| Michigan tax credit | (100) | (200) |
| Net cost to donor | $30 | $60 |
| B: Taxpayers in the 25% Federal Tax Bracket | ||
| Contribution | $200 | $400 |
| Federal tax reduction | (70) | (140) |
| Michigan tax credit | (100) | (200) |
| Net cost to donor | $50 | $100 |
| C: All corporations and Partnership Taxpayers | ||
|---|---|---|
| Contribution | $10,000 | |
| Approximate Federal tax reduction | (3,400) | |
| Michigan tax credit | (5,000) | |
| Net cost to business donor | $1,600 | |
For all Michigan tax return filers, individual, corporation or partnership, the credit is taken on a line labeled "Homeless/Food Bank Credits".
Please check with your tax specialist on how to best take advantage of this opportunity.
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Yad Ezra
©2002 Yad Ezra
E-Mail or Call for Referrals:
lea@yadezra.org or elaine@yadezra.org
Phone: 248.548.3663
Fax: 248.548.3207
2850 W. 11 Mile Road
Berkley, MI 48072
Phone: 248.548.FOOD
Fax: 248.548.3207