_edited.png)
For high-income earners interested in year-end tax strategies, the Tech2Head Charitable Donation Plan offers a structured way to engage in charitable giving with potential tax benefits. Exclusively available through TaxRx, this plan supports concussion recovery initiatives by donating Concussion Recovery Protocol (CRP) Kits, valued above their initial purchase price. Here’s an overview of how the program works, and how it can potentially benefit your charitable goals this year.
1. How the Tech2Head Charitable Donation Plan Works
The Tech2Head Donation Plan centers around the CRP Kit, developed by Head Genetics, Inc., designed to assist in concussion recovery through a unique AI-driven protocol. The plan involves purchasing these kits with the intention of donating them to qualified charitable organizations.
Program Details:
Minimum Investment: $50,000 to participate in the donation plan.
Fair Market Value (FMV) Deduction: For qualified donors, the deduction is based on the fair market value of the CRP Kits, calculated at approximately five times the initial investment.
AGI Requirement: Designed for those with an Adjusted Gross Income (AGI) of $500,000 or higher, this plan aims to align with high-income earners’ tax and charitable planning goals.
2. Example of Charitable Deduction Based on $50,000 Minimum Investment
For those eligible, a $50,000 contribution through the Tech2Head Plan may provide a deduction based on FMV, aligning with IRS-compliant donation valuation standards. Here’s an illustrative example:
Donation Amount | FMV Deduction (5x) | Example Tax Savings at 37% Rate |
$50,000 | $250,000 | $92,500 |
In this case, the potential tax savings could reflect $92,500 if the donor falls within a 37% tax bracket, illustrating how this structured giving program may enhance both charitable impact and tax efficiency for qualified participants(2024 Tech2Head - Tax Ad…)(2024 Tech2Head - Invest…).
3. Options for Increased Charitable Impact
Participants who choose to contribute more can potentially increase their tax deduction and impact. Below is an example showing how a higher contribution might align with larger deductions and possible savings.
Example: $100,000 Investment
Donation Amount | FMV Deduction (5x) | Example Tax Savings at 37% Rate |
$100,000 | $500,000 | $185,000 |
A $100,000 contribution may result in a $500,000 FMV deduction, offering an example of how structured contributions can benefit those aiming to increase their charitable impact.
4. Additional State-Level Deduction Benefits and Administration Fee Waiver
In many states, charitable donations may qualify for additional state-level tax deductions, which can enhance the overall benefit of the Tech2Head Plan. This added layer may complement the federal deduction for qualified participants, potentially reducing overall tax liability.
Additionally, TaxRx has waived the administration fee for clients where possible. This fee waiver enables participants to increase the direct charitable impact of their contribution, adding an extra benefit to this structured giving option.
5. Fair Market Value and IRS Compliance
The Tech2Head Plan is structured to meet IRS requirements, with deductions based on the fair market value (FMV) at retail. Given that CRP Kits are designed for direct consumer use, FMV is based on the retail market, helping ensure compliance.
Independent Valuation: FMV is confirmed by an accredited appraiser, and the valuation documentation aligns with IRS requirements to support qualified deductions.
Investment and Potential Tax Deduction Summary Table
Donation Amount | FMV Deduction (5x) | Example Tax Savings at 37% Rate |
$50,000 | $250,000 | $92,500 |
$100,000 | $500,000 | $185,000 |
$150,000 | $750,000 | $277,500 |
Why Work with TaxRx on the Tech2Head Charitable Donation Plan?
The Tech2Head Plan provides a structured charitable giving strategy that may align well with the goals of high-income earners. TaxRx is offering this plan with an administration fee waiver, where applicable, to provide additional benefits for qualified clients. Our team helps ensure compliance with IRS guidelines, guiding clients through each step from initial investment to donation.
Important Deadline: Contributions must be finalized by November 14 to count toward the 2024 tax year.
Ready to Learn More?If you’re considering structured charitable giving as part of your tax strategy, contact TaxRx to discuss your eligibility and options for the Tech2Head Plan. We’re here to provide information and answer any questions about this year-end opportunity.
Schedule a consultation before November 14 to secure your charitable giving goals for 2024.
Comments