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KCHS Fund Accepting Gifts Of Grain PDF Print E-mail
Written by themindencourier   
Tuesday, 09 October 2018 13:39

Farmers looking to make a meaningful contribution to the Kearney County Health Services (KCHS) Fund have a new way to give that can minimize their own tax liability. Formerly known as the Kearney County Health Services Foundation, the KCHS Fund, an affiliated fund of Nebraska Community Foundation, is now accepting gifts of grain.
“Giving gifts of grain is a wonderful way in an agricultural community to make a donation and it can be done with livestock too. It’s beneficial to not only the institution they’re giving to, but it’s monetarily beneficial for the farmers as well,” KCHS Fund Advisory Coordinator Shelley Biever said.
There are tax advantages for farmers who make gifts of grain to the KCHS Fund. When producers transfer legal ownership of the commodity before it is sold, they reduce their tax liability and they can still deduct all their expenses involved with the production of the agricultural gift. Tax savings may be realized on federal income tax, state income tax, and self-employment tax, depending on the producer’s specific circumstances.

for full story see October 10 Courier

Last Updated on Tuesday, 16 October 2018 13:12