Information on Related Tax Benefits
Reviewing giving plans before December 31, 2005 assures that you will receive the maximum possible tax benefits of making a gift to Ferris State. Donors to Ferris State University may take advantage of significant tax savings on their Michigan return and if you itemize deductions, on your federal return. You may be able to give a gift or gifts to your College, program or other area of the University greater than the amount you originally anticipated, but for less actual cost.
Michigan Tax CreditAs a Michigan taxpayer, you may take half your gift to Ferris State, up to a maximum gift of $400 if filing a joint return or $200 if filing an individual return, as a tax credit. This credit reduces the bottom line of your state income tax, either reducing the amount you owe in taxes or increasing the refund you will receive. Please refer to the instructions in your tax materials for the line item "Public Contribution Credit" or consult your tax advisor.
Federal Tax CreditFor those who itemize deductions, contributions to Ferris State are deductible as charitable contributions within the limits of the Internal Revenue Code. Consult your tax advisor for specifics.