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Year-end tax deduction options
The end of the year is a time when many begin to finalize tax considerations and reflect on the past calendar year.
You may receive a return of a 50-percent direct credit to 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 donate 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 in many cases how you would like the money to be used (i.e., 4-H, youth development, agriculture, natural resource, health and human science educational programming or equipment, etc.). One could even specify the gift be used for a specific educational program or topic (i.e,. 4-H robotics, an advanced Master Gardener workshop, nutrition education, an workforce development 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 Extension 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.
Another option is that local Extension positions may be endowed with a family name or business, for example. There are also family scholarships that may be set up to specifically benefit Putnam County or even multiple counties. Land or other assets may also be willed or donated to sponsor larger gifts as well. This can be done through the Purdue Foundation and also can be done over time, and there is no percentage fee taken out of the gift like there are at many foundations.
One can also donate 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.
A donation to the endowment certainly helps Extension programs which often benefit because they use the 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. The Foundation also manages four previously-established scholarships which are set up to benefit Putnam 4-H’ers where donations could be made as well.
Visit www.extension.purdue.edu/putnam or contact the local Extension office at 653-8411 for more information regarding this week’s column topic or to RSVP for upcoming events. Office hours are Monday through Friday from 8 a.m.-noon and 1-4 p.m. Evening and lunch appointments are available upon request.
Upcoming Events
Nov. 29 and Dec. 6, 13 – Know Your Numbers, Know Your Options, 10 a.m., virtual, $20, register at: https://cvent.me/n24R23
Nov. 25-26 – Extension office closed for Thanksgiving
Dec. 9 – Bi-State Crops Conference, Beef House, 9 a.m.–1:30 p.m., $40-plus credit fee, register at: https://bit.ly/BiStateCrops2021
Dec. 15 - Winter PARP, Off The Rails Event Center (Roachdale), 9-11 a.m., no charge, register at: https://tinyurl.com/PutnamPARP2021