In 2023 the seven regional food banks serving the Old Dominion distributed almost 40 million pounds of fresh produce to hungry Virginians but the demand for fresh produce keeps growing and farmers have an opportunity to help even more thanks to a state food donation tax credit fresh produce is one of the more nutritious items that were able to distribute it's often the most expensive item that our low-income families have to try to get at the grocery store and so the more we can source that locally the better because we believe in working with our local farmers supporting our local agricultural economy we know helps everybody in the communities we serve and so the more we can build those bridges and get food straight off the off the field and into our pantries the better Eddy Oliver is executive director of the Federation of Virginia food banks this umbrella group represents the regional warehouses and distribution points that collect and distribute most of the bulk foods donated from the USDA in businesses Greg Knight at the Blue Ridge Area Food Bank agrees more fresh produce is their top need the chief reason is fresh food is the best food we have a lot of instances of the clients with hypertension diabetes things like that that fresh food is going to help with that where some of the more processed foods it's going to work as a negative toward nutrition the other reason that local food is important for us is if we bring a truckload of food in from say the southeast or the Midwest I've got a freight bill to pay so that may be anywhere from two thousand to four thousand dollars I can keep that and apply it to other programs and food if...
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Is a food donation tax deductible Form: What You Should Know
The Tax Adviser Jun 10, 2023 — The tax year 2023 starts Oct 4, 2018. On the date that your 2023 taxes are final, you would find it to be an excellent time to save food for future The Tax Adviser Jul 21, 2023 — When a business makes a charitable donation, the business may be able to claim that donation as a tax deduction (unless the donation is used for a commercial purpose). Charitable donations should be made with special care. Volunteer Food Donors. The Tax Adviser June 11, 2023 — If a business or other entity wishes to make use of the enhanced deduction, you can include in the taxable income of the organization all gross receipts for food donated or distributed for use in that organization. The Tax Adviser Apr 10, 2023 — Whether a charitable organization can claim the same tax deduction for donations of food inventory as that of for other nonfood inventory item contributions depends on two factors: If the item donated is a qualified food inventory item, it can be included as a gift on Form 1040-G to the extent of: 1. The amount of gross income attributable to the food inventory item; provided it is not more than 16,000 per year. 2. the income tax bracket in which the item is included; or provided it is not more than 16,000, all income tax brackets. Charitable Donations are Generally Treated as Business Income Federal Tax Incentives : Refer | Rethink Food Waste Income Limitation on Charitable Donations Nov 23, 2023 — For taxable years beginning after December 31, 2017, a charitable organization may not include a total gift of food inventory in gross income in excess of the following amounts: 1. 10 percent (10 percent) of taxable income after the first 25,000 (10,000) of such gross income is attributable to that food inventory. 2. 15 percent (15 percent) of taxable income after the first 50,000 of such gross income (15,000) is attributable to that food inventory. Example: A grocery store in 2023 makes a charitable donation of food inventory items for the purchase of a food pantry. For example, the food inventory purchased qualifies as a qualified food inventory item. Consequently, it can be included as a gift on Form 1040-G.
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