Tax Credit Donors Can Receive Up to 75% Back in Tax Relief
Did you know that you can make your charitable dollars stretch farther by using Missouri state tax credits for contributions to LFCS? These tax credits are given for donations of $500 or more to help fund LFCS’ Hilltop Child Development Center, CALL mentoring program and crisis pregnancy counseling. And donors can end up receiving up to 75 percent back in the form of tax relief. Benefits vary depending on your tax bracket, so please see your tax advisor to learn how tax credits will work for you.
Missouri tax credits are easy to use. Eligible donors receive a state income tax credit for 50% of the value of a donation made to LFCS. For example, if you make a $1,000 gift to the LFCS tax credit program, your net cost in the following illustration would be only $300.
For a $1,000 cash gift to LFCS using tax credits:
| Missouri Tax Credit (50% of gift) |
-$500 |
| Federal Income Tax Deduction (28%) |
-$280 |
| State Income Tax Deduction (6%) |
-$ 60 |
| Federal Tax on State Savings |
+$140 |
|
| Net cost to you |
$300 |
Example is for someone in a 28% federal tax bracket. Consult your tax advisor to see how the credits will work for you.
NAP tax credits are available to all businesses or individuals owning rental property, real estate or shares in an S-Corporation. YOP tax credits can be used by any individual with Missouri tax liability. Any unclaimed credits can be carried forward for five years. Gifts can be made in cash or through the transfer of stocks, bonds or property.
Please consider making a tax credit gift to LFCS and help continue this priceless investment in Missouri’s children and families. These programs offer an opportunity for individuals, businesses, state government and LFCS to work together on behalf of our community. In order to ensure that we have tax credits available for your use, you must contact us to reserve the amount of credits you would like. For more information, or to reserve your tax credits, please contact Carrie Hequembourg at 314-754-2789 or send us an e-mail.
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