MSU Extension explains tax saving benefits
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November 11, 2020
BOZEMAN — Montana State University Extension has revised a MontGuide that explains how charitable gift annuities could be used to meet both the philanthropic and tax savings goals of many Montanans.
“If you made a $10,000 gift to your favorite charity and received a tax credit that reduced your Montana income taxes by over $3,600, would you be interested?” said Wendy Wedum, MSU Pondera County Extension agent. “Keep in mind, a tax credit is a dollar-for-dollar reduction in the amount of actual income tax owed, while a tax deduction only reduces your taxable income.”
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