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Your charitable gifts make an important difference in what the California Thoroughbred Horsemen’s Foundation is able to accomplish and provide for needy backstretch workers and their families. The CTHF is a 501(c)3 non-profit organization dedicated to bettering the lives of the backstretch community.

Past gifts and contributors have included individual donors, percentage of gross earning from a winning horse, race track charities and bequests of property.

Year-End Gifts
As you consider your year-end tax planning, we hope you will consider making good use of the income tax charitable deduction. Your year-end gift can significantly reduce your income taxes, while providing meaningful support for the California Thoroughbred Horsemen’s Foundation

No matter what your income, if you itemize, you can almost always lower your income taxes through charitable giving. The amount of the income tax savings will depend on your tax bracket.

Consider making more charitable gifts in those years when you have the most income – and are in the top federal income tax brackets. If such is the case for this year, you may wish to consider accelerating future charitable gifts into this year.

Gifts of cash are fully deductible, up to a maximum of 50 percent of your adjusted gross income. For example, if your adjusted gross income is $50,000, up to $25,000 of charitable gifts may be deducted. Any excess can generally be carried forward and deducted over as many as five subsequent years.

Charitable Bequest
This may be a good time to consider long-term tax savings through a charitable bequest to the California Thoroughbred Horsemen’s Foundation. The federal estate tax can still take approximately 40 to 50 percent of one’s estate at the time of death. That is a higher tax bite than the income tax! It definitely pays to do some advance planning with your attorney and other professional advisors. We hope you will consider a charitable bequest to the CTHF in your will – to benefit the backstretch community while you save estate tax dollars at the same time.

As always, we urge you to discuss your tax planning with your accountant or other professional advisors.


Please contact Kevin Bolling at 626.446.0196 for more information.