Tax Deductions
The State of Idaho Income Tax Credit for educational institutions allows an amount equal to 50% of your contributions for the tax year.  On a joint taxpayer return, the amount allowable is $200 or 20% of that taxpayer's income tax liability for the year, whichever is less.  The amount allowable for a corporation is $1,000 or 10% of that corporation's total income tax for the year, whichever is less. Examples for 2008 follow.
A $60.00 gift from you would do great things at Boise Valley Adventist School and yet might cost you only $15.00
$60.00 CONTRIBUTION
Your Net Cost: $15.00
$8.00 Federal Tax Savings
$7.00 State Tax Savings
$30.00 Idaho Tax Credit
Possible tax saving for a joint return of $40,000 taxable income using itemized deductions. IRS requires you to reduce your deduction by the fair market value of the Thank You Gift you receive. Please consult your tax advisor for more information.
A gift of $125.00 might cost you as little as $35.00
$125.00 CONTRIBUTION
Your Net Cost: $35.00
$16.00 Federal Tax Savings
$11.00 State Tax Savings
$63.00 Idaho Tax Credit
Possible tax saving for a joint return of $40,000 taxable income using itemized deductions. IRS requires you to reduce your deduction by the fair market value of the Thank You Gift you receive. Please consult your tax advisor for more information.
A gift of $250.00 might cost you as little as $74.00
$250.00 CONTRIBUTION
Your Net Cost: $74.00
$33.00 Federal Tax Savings
$18.00 State Tax Savings
$125.00 Idaho Tax Credit
Possible tax saving for a joint return of $40,000 taxable income using itemized deductions. IRS requires you to reduce your deduction by the fair market value of the Thank You Gift you receive. Please consult your tax advisor for more information.
A gift of $500.00 might cost you as little as $198.00
$500.00 CONTRIBUTION
Your Net Cost: $198.00
$65.00 Federal Tax Savings
$37.00 State Tax Savings
$200.00 Idaho Tax Credit
Possible tax saving for a joint return of $40,000 taxable income using itemized deductions. IRS requires you to reduce your deduction by the fair market value of the Thank You Gift you receive. Please consult your tax advisor for more information.
A gift of $1000.00 might cost you as little as $596.00
$1000.00 CONTRIBUTION
Your Net Cost: $596.00
$130.00 Federal Tax Savings
$74.00 State Tax Savings
$200.00 Idaho Tax Credit
Possible tax saving for a joint return of $40,000 taxable income using itemized deductions. IRS requires you to reduce your deduction by the fair market value of the Thank You Gift you receive. Please consult your tax advisor for more information.