2017-11-22 / Front Page

Two great income tax deduction options

Purdue Extension Corner

End of year is a time that many begin to finalize tax considerations and reflect on the past calendar year. You may receive a direct deduction of 50 percent off your tax bill when donating up to $200 per individual and $400 for couples filing jointly, given to an Indiana funded university.

Because Purdue Extension is part of a state funded university, one can make a donation to the local extension office that would qualify. Therefore a $100 contribution to the Purdue Extension-Putnam County program would cost one only $50.

You can also specify how you would like the money to be used (i.e. 4-H, youth development, agriculture, natural resource, or health and human science educational programming or equipment). One could even specify the gift be used for a specific educational program or topic (i.e. 4-H robotics, advanced Master Gardener workshop, resume/job application preparation workshop, etc.).

Some limitations do exist. For example funds donated for awards or scholarships would not be eligible for the additional direct state tax deduction. Give the office a call and ask about this excellent way you can support community programs for minimal cost to your pocket due to the additional state tax break.

One can also make a donation to the Putnam County Community Foundation and name the “Putnam County Fairground Endowment” as the recipient. While this option is not eligible for the 50 percent state tax credit that a state funded university or college provides, it is a great option in that the Putnam County Community Foundation is a 501(c)3 entity which provides opportunity for the general state and federal income tax deduction via a reduction in taxable income. And a donation to fairgrounds endowment certainly helps extension programs who often benefit because they use the Putnam fairgrounds facilities.

If you desire to see the fairgrounds maintained for your children and grandchildren, this option will certainly benefit the facility. The goal for the Putnam County Fairgrounds Endowment is one million dollars and this is a very important philanthropic effort to stay abreast in assuring a quality facility for future Putnam County Fairs!

Additionally it could be grain or livestock that is given to fund one of the Putnam County Community Foundation fund options.

Visit our homepage at www.extension.purdue.edu/putnam or you can contact the local Purdue Extension Office by calling 765-653-8411 for more information regarding this week’s column topic or to RSVP for upcoming events. It is always best to call first to assure items are ready when you arrive and to RSVP for programs. While many publications are free, some do have a fee. All times listed are Eastern Time.

UPCOMING EVENTS

November 28 – Jr. Leader Christmas Caroling, Ivy Trace, 6:30 p.m.

November 29 – Farmland Rental in Indiana, Fairgrounds, 6 p.m.

November 30 – When Death Happens – Helping Farm Families Get their Affairs in Order webinar, 12 noon, Register at https:// ag.purdue.edu/Extension/ wia/Pages/webinars.aspx

December 6 – 4-H Volunteer Meeting, Fairgrounds, 6:30 p.m.

(by Mark Evans, County Extension Director, 4-H Youth Development Educator, Purdue Extension Putnam County)

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