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

Tax planning is important for CPAs as well as their clients. As we approach the end of 2021, consider using the Montana endowment credit to reduce your tax liability. When deciding between the many deserving organizations across Montana, we encourage you to keep the MSCPA Legacy Foundation in mind. 

If you happen to have appreciated securities in your personal portfolio, you should consider gifting them 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 can be avoided.

By making an endowment gift to the MSCPA Legacy foundation by 12/31/2021 you can 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%-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?

Thus, by making an endowment gift by 12/31/2021 you could save between close to 40% and potentially up to 80% – of the charitable amount gifted on your 2021 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!

If an endowment contribution is a bit much for you, consider helping the 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 for 10 years or more – Consider a $50 Donation or more.

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 Holiday’s to all!

The Legacy Foundation Council –

George, Ron, Ann, Clem, Walt, John, Terri & Richard

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