Year End Tax Planning

The Lewiston Library Foundation wants you to know about an expanded Idaho Income Tax Credit.

 

Now you can get a Tax Credit on your individual Idaho tax return, even if you do not itemize deductions, of 50% of your donation to a qualified educational organization up to a maximum of $1,000 on a joint return (or $500 on a single return) but not to exceed 50% of your income tax liability.  

 

The Lewiston Library Foundation is a qualifying organization for your donation to be eligible for the tax credit.

 

For example, a $2,000 donation to the Lewiston Library Foundation by a married couple would qualify for a $1,000 tax credit on a joint return, actually only costing you $1,000, but the Foundation would benefit from the $2,000 donation.  Likewise, a $500 donation would qualify for $250 tax credit.  The credit may not exceed 50% of your income tax liability.

 

For a corporation, the tax credit is 50% of the contribution to a maximum of $5,000 or 10% of the corporation tax liability, whichever is less.

 

If you would like to support the Lewiston Library Foundation and receive the benefit of an Idaho tax credit, donations can be mailed to:Lewiston Library Foundation, PO Box 1055, Lewiston, ID 83501.

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Lewiston Library Foundation
P.O. Box 1055
Lewiston, ID 83501
208.743.6519