Time is running out for charitable donations for 2010
Making charitable donations by Dec. 31, can help not only charities but also the tax situation of individuals and businesses that are donating. The state of Michigan offers special tax credits to donations made to certified organizations providing overnight accomodations, food or meals to indigents. The Michigan tax credit is 50 percent of the contribution — or up to $100 on a single return and up to $200 on a joint return. These credits also can be combined with any federal tax deduction, which may reduce the out-of-pocket cost of a contribution by up to 85 percent. This means a gift of $400 from a couple in the 35 percent federal tax bracket could actually have a net cost of just $60 after all credits and deductions are applied. Donors should see their accountants for specific details. There are a number of organizations providing matching grants. Gleaners’ Board of Directors is matching dollar for dollar, the first $50,000 donated to Gleaners Community Food Bank of Southeastern Mich...