In 2011, a special Idaho State tax credit went into effect, meaning a cash gift to Lighthouse Christian Schools of $ 1,000 would only cost you $176. Or, if you give a cash gift of $2,000 it would only cost you $352. We would like to encourage you to take advantage of the Idaho Education Tax Credit. An example of the expanded state program is that you would receive a 2016 tax credit of $1,000 filing jointly or $500 filing individually.
Contribution Amount $500 $1000 $2000*
Federal Tax Savings $125 $250 $500
Idaho St. Tax Savings $37 $74 $148
Idaho Tax Credit $250 $500 $1000
Your Actual Cost $88 $176 $352
*Based upon a 25% tax bracket and joint filing in Idaho.
Donations to qualifying Idaho educational institutions like Lighthouse Christian Schools are eligible for a 50% tax credit– a reduction in the actual tax you owe. If you itemize your taxes, a donation to LCS will enable you to get income tax deductions on your state and federal returns, plus a 50% Idaho income tax credit. In 2014, the allowed credit was increased for both personal and business gifts.
• Idaho Individuals may take up to 50% of a gift of $1,000 (tax credit of $500 -limited to 50% of Idaho income tax liability)
• Married couples may take up to 50% of a gift of $2,000 (tax credit of $1,000 -limited to 50% of Idaho income tax liability)
• Corporations may take up to 50% of a gift of $10,000 (a tax credit of $5,000 -limited to 10% of Idaho income tax liability)
Please note that your tax benefit is dependent on your personal income level and filing status, and we urge you to consult your financial advisors to develop the best contribution plan for your personal circumstances.