The deadline to make charitable contributions for 2010 is December 31st. The Oregon Cultural Trust Tax Credit allows you to double your donation to 1,300 nonprofits in this state and to claim a 100% tax credit. This means you get dollar for dollar off your Oregon tax return up to:
$500 for individuals
$1000 for joint filers
$2500 for C-Corporations
What you need to do:
Donate money to one of the 1,300 participating nonprofits
Donate the same amount to the Oregon Cultural Trust
Write off 100% of the Oregon Cultural Trust donation on your 2010 tax return
Example of the benefit:
donation to nonprofit $1,000
donation to OCT $1,000
Federal Tax Savings $ 500
State Tax Savings $ 90
State Tax Credit $1,000
Total Savings $1,590
Net cash cost $ 410
Benefit to Oregon Charities $2,000
For more information check out the website at http://www.culturaltrust.org/
Or contact us at:
MB Tax Professionals, LLP
503-595-5890
http://www.mbtaxpro.com/
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