Reduce Your Taxes & Help the Historical Society

In 1913, the federal income tax was introduced. And, four years later, the tax deduction for charitable donations was added to the tax law.

Historically, this deduction was introduced to recognize that taxpayers, who donate money to charity, no longer have that money to spend on themselves and shouldn’t be taxed as though they did. But, today, the deduction is thought of an incentive to coax taxpayers into donating more money to charity.

Why? If you earn $1,000 and are taxed at a rate of 30%, you pay $300 to the Internal Revenue Service and keep the other $700. But, if you donate $100 to charity, your taxable income is reduced to $900. You then have a tax bill of $270 ($900 x 30%).

In return for giving $100 to charity, the government reduces your taxes by $30. So, in essence, that $100 check you write for charity really only sets you back $70. But, donations for the current tax year must be made before December 31.

Since the Western Springs Historical Society is recognized by the IRS as a charitable (501C3) organization, any donation or membership purchase qualifies as a charitable tax deduction.

Of course, we hope that the primary reason residents contribute is to support the work of the Society. And, since we receive no state, federal or local government funds, we are totally dependent on our members to fund our work.

That includes maintaining the Tower Museum, the Ekdahl House Museum, and the Grand Avenue archives office. It also involves providing free services to our residents, such as researching genealogical files, providing house histories, conducting museum tours, and hosting various civic events.

As 2015 winds down, the Society is conducting a year-end membership drive. So, if you are not yet a member, are interested in helping the Society, and would like to reduce your tax bill, please go to our website (http://www.westernspringshistory.org/get-involved/become-a-member/) and download a membership application. Or, just leave a message at 708-246-9230 and we will send you a pre-addressed return envelope.

Each week, the Western Springs Historical Society presents a “Blast from the Past”. To view prior stories, visit us at www.westernspringshistory.org or just click on the author’s name shown above.

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