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THE HASH
RETRO DINER
471-6747
1149 E. 2ND STREET
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Charitable donations
and tax credits
By John Pickens
Q: I routinely contribute to various charitable organizations
throughout the year, including my
church. Without itemizing my return, I am unable to take advantage of the tax savings. Is there
anything that can be done to
lessen my tax burden?
Pickens
A: IRS standard deduction
thresholds ($6,200 single,
$12,400 married filing jointly) make it difficult for
most households to itemize their deductions. The
state of Oklahoma, however, provides relief beyond deductions in the form of credits. The credits
can be taken regardless of whether you itemize or
not. Form 511CR located on the Oklahoma Tax
Commissions website lists more than 30 credits including economic, environmental, agricultural and
more.
Q: What kind of credits would I be able to apply
for?
A: The simplest credit for any household to qualify for is the Credit for Biomedical Research Contribution. This is a win/win as it benefits
life-saving research and helps the taxpayer. The
credit is for 50 percent of the amount donated,
but may not exceed $1,000 ($2,000 for a married
filing joint return). In other words, a married couple donating $2,000 toward a qualified research
institute would receive a $1,000 credit on their
state tax return. While this credit will not apply to
your federal return, you may still claim it as a standard deduction.
Q: What is a qualified biomedical research institute?
A: Some examples of a qualified institute are:
Curesearch Childrens cancer research (curesearch.org), Alzheimers Association Alzheimers
education and research (alz.org) and the American
Heart Association heart disease and stroke prevention (heart.org). To receive the credit you will
need to fill out tax form 511CR with your state return. This form along with other qualifying organizations can be found at the Oklahoma Tax
Commissions website (tax.ok.gov).