Donations can help schools

Dear editor:

As a parent of two children who attend North Elementary, I am amazed and delighted to see how many people volunteer their time and effort to help make our schools a better place for children to learn.

We all know that school district budgets around the state have been cut and drastic changes have and will likely continue to happen. School District 193 is no exception to these cuts.

Unfortunately, it is the children that ultimately bear the brunt of these cuts in the form of larger class sizes and fewer special events (like field trips), just to name a couple.

However, there is an extremely powerful and little known tax credit available to Idaho residents found in section 63-3029A of the Idaho Code that gives Idaho taxpayers a big incentive to help out with donations to our schools.

Beginning Jan. 1 of this year, the maximum annual Idaho income tax credit increased to $1,000 ($500 on an individual return) for a married couple who donate to a public or nonprofit school. The significance of this statute is you get both a tax credit (dollar for dollar reduction in tax owed to the state of Idaho) on your state of Idaho tax return and in addition, a tax deduction on your state and federal income tax returns.

You must itemize your deductions to be able to use this tax deduction.

If you would like to view the complete tax publication you can find it on the Idaho State Tax commission web site at http://tax.idaho.gov/pubs/EPB00032_06-21-2010.pdf

Consider the following chart, located below, to see what tax benefit you are eligible for if you are married filing a joint tax return, in the 25 percent federal income tax bracket, and you itemize your deductions and file a schedule A.

The table assumes the persons making the contribution are married, filing a joint return, itemizing their deductions, and in the 25 percent tax bracket for federal and the 7.8 percent tax bracket for Idaho. Consult your tax advisor for more specific information.

Please consider donating to local schools as the actual cost is so very small for the amount of good that your donations do for our children.

Talk to your student's teacher or the school you would like to help to see where your donation could help the most.

Your gift can help teachers spend more time educating students and less time worrying how budget cuts will affect the class room.

Also, don't forget your child's music class, PE class, and computer class. It is easy to forget these programs.

John M. "Jack" Walborn