Before charitable farmers and ranchers open their checkbooks this year, the Wayne Area Legacy Fund encourages thinking beyond cash and opting to instead donate gifts of grain or livestock.
Giving a portion of your harvest is a great way to share the bounty with the causes closest to your heart. By contributing commodities like corn or cattle to the Wayne Area Legacy Fund, farmers and ranchers can save significantly on taxes while strengthening the mission of their local community fund.
When a producer transfers legal ownership to a charity before it is sold, the producer will not have taxable income from a sale, thus minimizing taxes. Tax savings may be realized on federal income tax, state income tax and self-employment tax, depending on the producer’s specific circumstances.
A portion of the income earned by the endowment is granted annually to fund projects and programs to benefit the community, the principal remains intact and grows every year.
Visit WayneAreaLegacyFund.org for additional information. Be sure to like us on Facebook @WayneAreaLegacyFund. Contact WALF at WayneAreaLegacyFund@gmail.com or call 402-375-2240.
Find the complete information in the September 10 edition in The Wayne Herald or subscribe today by clicking here.
