Here are a few simple ways to make a lasting impact in your community all the while reducing your taxes.
1. Care for Your County: November 28th is Giving Tuesday, make a tax-deductible contribution to Community Trust Foundation (CTF) and direct your contribution to the county fund of your choice (Allegany, Garrett or, Mineral). Your gift will be used to support nonprofit work in your county.
2. Support Seniors: WV residents giving $500 or more to the Mineral Co. Meals on Wheels Fund can earn a 50% West Virginia tax credit to reduce their liability for West Virginia Personal Income Tax or Corporate Net Income Tax.
3. Donate your RMD: If you are 73, there is still time to donate all or part of your required minimum distribution (RMD) from your Individual Retirement Account (IRA) to a qualified nonprofit such as CTF. You not only lower your taxable income but also benefit the region you call home. Consult your tax professional for proper transfer procedures. Avoid the last-minute rush, make your contribution before December 15.
To enable quick processing of your donation, give online under the GIVE tab. RMD and check contributions should be made payable to CTF and mailed to 112 Baltimore Street, Cumberland, MD 21502. Have questions? Please call us at (301) 876-9172. Thank you for generously giving back to the place you call home.