Tax Credits
TAX ADVANTAGES IN ADDITION TO
STATE AND FEDERAL CHARITABLE CONTRIBUTION DEDUCTIONS
Corporations and individuals who file a Missouri tax return are eligible for additional tax advantages when they donate to Almost Home. Almost Home is a state-designated “maternity home” so donations between $100 and $100,000 are eligible for a 50% credit against taxes owed to the State of Missouri. This tax credit is in addition to the usual state and federal itemized charitable contribution deductions. The tax credit is a reduction taken directly off the total of taxes owed to the State of Missouri during a taxable year. A donation to Almost Home will significantly reduce your real out-of-pocket cost. Donations for this purpose must be cash, stocks, bonds, securities or real property.
Examples of donations from a contributor in a 20% tax bracket are shown in the table below. Everyone’s tax situation is different so please consult your tax expert to determine how this credit could affect you personally.
|
Charitable Gift |
$ 500 |
$ 1,000 |
$ 4,167 |
|
Federal tax reduction – 20% |
$ 100 |
$ 200 |
$ 833 |
|
Missouri tax reduction – 6% |
$ 30 |
$ 60 |
$ 250 |
|
Missouri Tax Credit – 50% |
$ 250 |
$ 500 |
$ 2,084 |
|
Out-Of-Pocket Cost after Taxes |
$ 120 |
$ 240 |
$ 1,000 |
It is easy to take advantage of this opportunity. When Almost Home receives your contribution we will send you a Tax Credit Application to complete and sign. Send it to Almost Home with a copy of the front and back of your cancelled check or credit card receipt. The state will send you notice of your credit when it is approved along with the necessary paper work for inclusion with your tax return.
Please call Almost Home if you have additional questions, or visit the Missouri Department of Revenue web site for additional maternity home tax credit information.