Do you pay Missouri State income taxes? Would you like to pay less next year? With Missouri State tax credits it’s possible. When you make a donation to Community Living and indicate that you would like tax credits, you’ll receive a tax credit for 50% of your donation. Your entire contribution may also be claimed as a charitable deduction on your federal income tax return for the year in which the donation was made. In addition, any unused credits can be carried forward for the next five (5) succeeding years.
After making a tax credit donation, a tax credit claim form will be mailed to you with instructions. If you have misplaced your form, click here for a form.
Here is an example of how Missouri State tax credits can benefit you and Community Living:
|Missouri Tax Credit
(50% of gift)
|Federal Income Tax Deduction (28%)||-$ 280|
|State Income Tax Deduction (6%)||-$ 60|
|Net Cost to You||$ 160|
The above example is for a taxpayer who is subject to alternative minimum tax (AMT) and in the 28% federal tax bracket. Taxpayers who are in lower tax brackets and subject to lower AMT rates, as well as taxpayers who are not subject to AMT, will experience less, (though still considerable), tax savings. A gift of appreciated securities will provide additional benefits that are not reflected in the above example.
It is recommended that you consult a tax advisor to learn more about how you might benefit from this program.
Qualified donations include:
- Credit Cards – Visa, MasterCard, Discover and American Express. (Remember that you can earn credit card incentives when you make a donation on your credit card.)
- Appreciated Stocks. (Remember that you can avoid long-term, capital gains taxes with a stock donation to Community Living.)
For more information, please contact the Development Department at firstname.lastname@example.org or 636-970-2800.