Michigan State Tax Brochure

Cornerstone University exists to empower men and women to excel as influencers in our world for Christ by offering a student-focused learning community where Jesus Christ is central.

1001 e beltline ave ne | grand rapids mi 49525 phone 616.254.1659 | fax 616.222.1414 | www.cornerstone.edu Cornerstone University includes traditional undergraduate programs, Grand Rapids Theological Seminary, Professional & Graduate Studies, WCSG, WaYfm and Mission Network News. For more information on our academic programs and our broadcast ministries, visit www.cornerstone.edu.

Tax Benefits Both the state and federal governments encourage your gifts by providing tax savings that substantially reduce your actual out-of-pocket costs of a gift to the university or its outreach ministries.

Here’s How it Works: In Michigan, a single person may claim a tax credit equaling 50 percent of your gift up to $100, and if a husband and wife file jointly, they may claim up to a $200 credit. In addition, your whole contribution may be deductible for federal income tax purposes, if you itemize.

Corporate Tax Credit: The State of Michigan allows corporations to claim a tax credit on their single business tax return for gifts to Cornerstone University or its outreach ministries. Under the law, corporations are entitled to a credit equal to 50 percent of the contribution, 5 percent of the tax liability, or $5,000, whichever is the least. There is also a federal tax deduction, provided total contributions for the year do not exceed 10 percent of taxable income.

Please feel free to call us with any questions regarding tax benefits or about your contribution: Cornerstone University Advancement 616.254.1659

Single Tax Payer Taxable Income $10,000.00

$30,000.00

$75,000.00

Gift to Michigan Cornerstone Tax Credit

Estimated Federal Savings

Out of Pocket Cost

$100.00

$50.00

$15.00

$35.00

$150.00

$75.00

$22.50

$52.50

$200.00

$100.00

$50.00

$50.00

$400.00

$100.00

$100.00

$200.00

$600.00

$100.00

$168.00

$332.00

$1000.00

$100.00

$280.00

$620.00

Gift to Michigan Cornerstone Tax Credit

Estimated Federal Savings

Out of Pocket Cost

Joint Return Taxable Income $20,000.00

$60,000.00

$120,000.00

$100.00

$50.00

$15.00

$35.00

$150.00

$75.00

$22.50

$52.50

$200.00

$100.00

$50.00

$50.00

$400.00

$200.00

$100.00

$100.00

$600.00

$200.00

$168.00

$232.00

$1000.00

$200.00

$280.00

$520.00