Tax deductions and grants are two of the most popular ways to contribute to a charitable organization. When you donate to the RASM Realtors Charitable Foundation (RRCF), you can benefit from tax deductions and grants that will help improve the lives of many members of the community. The RRCF supports local housing charities that focus on affordable housing, combat homelessness, or provide shelter. You can donate to the RRCF through one-time donations or through their Buy-A-Brick program.
The fund can also support any 501 (c) charity in the United States, including churches and universities. When it comes to tax benefits, you can deduct your donations from your federal income taxes in 27 states and the District of Columbia. The maximum charitable tax benefit usually equals the highest marginal tax rate applicable to individual resident taxpayers in each jurisdiction. California applies a 50% federal AGI limit to the deductibility of charitable cash donations in the year of the contribution, instead of federal limits.
In Maryland, the maximum charitable tax benefit varies depending on the county. For instance, in certain counties, it reflects the highest combined individual state and local tax rates in effect. In Oregon, it reflects the highest combined individual state and local tax rates for county residents living in the Portland Metropolitan District. In Alabama and Iowa, the maximum charitable tax benefit is equal to the highest individual marginal tax rate of those states, after deducting the available deduction for federal taxes paid in those states.
In Utah, Vermont, and Wisconsin, it is equal to the percentage of tax credit. Manatee County schools have more than 27,000 students enrolled in high school, and 39% of Manatee County students and 37% of Manatee County students are considered economically disadvantaged. Donating to a charitable organization in Manatee County can help these students gain access to better education and resources. For more information on tax considerations for charitable donations, please refer to Tax Considerations: Charitable Income Tax Deductions on Trust Information Returns.