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Michael DiSabatino of Sharp CFO™ offers expert insights to help you unlock your business's full potential by delivering proven strategies for maximizing tax savings, streamlining operations, and driving sustainable growth.
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TAX INCENTIVES FOR ORGAN DONATIONS
Are you considering donating an organ? Although this is a very benevolent decision, currently, the federal government doesn't offer any tax deduction or credit for donating organs, such as kidneys to charity... but there is more...
However, some states offer tax incentives for making organ donations, including Arkansas, Georgia, Idaho, Iowa, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, NewMexico, North Dakota, Ohio, Oklahoma, South Carolina, Utah, Virginia and Wisconsin.
Typically, the deduction tops out at $10,000. At the national average state income tax rate of 6.5%, this can amount to a $650 savings.
New Tip: The expenses incurred in making the donation are eligible for the medical deduction subject to the usual limits.