Development Matters: Gift of Grain Benefits Both Your Taxes and Charity

July 2008 Newsletter

If you avoided destructive summer storms and are looking at a big boost in your farming income, a gift to a charitable endowment can leave a legacy while saving much more in taxes than you might think possible.

If record prices have pushed you into the 28 percent federal tax bracket, an outright gift of grain can reduce your combined state and federal tax liabilities by 48 cents on the dollar. Unlike cash gifts, grain gifts reduce social security taxes as well as income taxes.

When you commit to a future gift, you can get the tax savings now, and draw investment income for the rest of your life on the money set aside for the gift.

The immediate tax savings from a gift of grain invested at a five percent return will grow to more than the gift’s cost in 15 years (at the 28 percent federal tax rate). If you are a Nebraskan eligible for the 15 percent Endow Nebraska Tax Credit, you can save the same amount with a cash gift.

Do some good, leave a legacy, save for retirement, and, in the end, come out as well as if you had put the money in the bank.

Contact: John Crabtree, johnc@cfra.org or 402.687.2103 x 1010.

Comments

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Thu, 09/23/2010 - 02:16 — Jack (not verified)

I am totally agree with the author. Really gift of Grain benefits both our Taxes and Charity. When harvest will be good automatically the cost of taxes will become low or it will not affective for the farmers.Grain Flaker

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Thu, 09/23/2010 - 02:19 — Pol (not verified)

Nice information provided by you, it will helps a lot to all people. Thank for sharing it to all. Grain Flaker

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Mon, 03/21/2011 - 22:29 — Natalie (not verified)

That was a great idea. When harvest will be good automatically the cost of taxes will become low or it will not affective for the farmers. It will helps a lot to all people. Thank you.

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Tue, 06/28/2011 - 00:46 — exams wishes (not verified)

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Mon, 10/10/2011 - 14:08 — junebug (not verified)

I know that it also goes for sponsoring someone, a company or a project. All you need is a good accountant and those taxes can be cheated, while giving back to the community. But it would definitely be nice if people just made a few efforts to do more than that and donate a car or food unconditionally.

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Sun, 10/16/2011 - 03:31 — ColinShd (not verified)

I recently had an idea to donate car to charity because I have heart that so many people have troubles with food. I am not rich myself but I have a car that I don't use and I can survive without several thousand dollars at the moment. People with lots of money should do the same but except the actors I don't know who else is doing such a thing.

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