Give (an Endowment Gift) & Receive (a 40% MT Tax Credit)

Ann Deegan, Chair of the MSCPA Legacy Foundation, recently blogged that “It is Better to Give than to Receive.”  However, isn’t it truly best to give AND receive?  If you agree, keep reading!

Please give an endowment gift to the MSCPA Legacy Foundation by 12/31/2019 and receive a 40% MT tax credit on your individual tax return, as well as a net federal tax itemized deduction!  Depending upon your personal tax situation – including your taxable income, tax bracket, filing status, age, and whether you itemize your federal deductions – you could save between 40% and 60% of the charitable amount of the donation!  Isn’t this a darn good payback just for being charitable and giving a gift to support the Montana accounting profession in perpetuity?

After such a great year on Wall Street, if you happen to have appreciated securities in your personal portfolio, you should consider gifting appreciated securities to the MSCPA Legacy Foundation Endowment instead of cash and save additional tax on the appreciation avoided – up to an additional 28% of the capital gain avoided.

Thus, by making an endowment gift by 12/31/2019, you could save between close to 40% — and potentially up to over 80% — of the charitable amount gifted on your 2019 personal taxes.  Of course, the actual tax savings depends upon your personal tax situation.  Please consult your tax advisor – probably you – or let us know if we can run a planning scenario for you so that you can work with real numbers, as all CPAs love to do!

As you are preparing your year-end 2019 contributions, Ann previously asked you to consider helping the MSCPA Legacy Foundation through an affordable cash gift:

  • If you have been a member for 10 years or less—Consider a $25 Donation.
  • If you have been a member 10 years or more—Consider a $50 Donation or more.

 I’m asking you to also please consider an endowment gift of at least $500.  Remember – you’ve got to give to the endowment in order to receive the 40% MT Endowment Tax Credit.  By giving away $500, you can potentially save between $200 and $400 in combined Montana and federal personal income taxes for 2019.  Give today so that future generations of Montana accountants can receive all the opportunities and benefits offered by a CPA credential and a great accounting career.

Cheers & Happy New Year (and New Decade) to All!

The Legacy Foundation Council—Ron, George, Ann, Clem, Walt & Richard

Contact Allen Lloyd to learn more about giving an endowment gift.

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