BIG NEWS . . . . If you are a Missouri resident, you will be interested to know that our 50% tax credits drastically increased to 70%!
State tax credits make a HUGE difference in your tax liability, even if you don’t itemize. In fact, depending on your tax bracket, you could actually make money by donating to your pregnancy center!
Here are a couple of examples of how 70% tax credits work:
$5,000 donation with 24% tax bracket
| Federal deduction | $1,200 |
|---|---|
| State deduction | $270 |
| 70% tax credit | $3,500 |
| Total tax savings | $4,970 |
| Out of pocket | $30 |
$5,000 donation with 32% tax bracket
| Federal deduction | $1,600 |
|---|---|
| State deduction | $270 |
| 70% tax credit | $3,500 |
| Total tax savings | $5,370 |
| Profit | $370 |
Most of what you donate will come back to you – even if you do not itemize!
The 70% tax credits also apply to stock donations. This will make it even more profitable for some because when you donate stocks you are shielded from paying the capital gains taxes as well!
Remember, even if you don’t itemize your taxes, you can still receive tax credits!
You can claim up to $50,000 in tax credits in a calendar year!
When given a choice of letting the state have your tax dollars or giving them to one of your favorite charities – namely, your pregnancy center – it just makes sense to divert the money to something you believe in by supporting your pregnancy center.
If you have any questions about our 70% tax credits, please contact Joseph Dalton at (573) 368-5700 or by email at joseph@prcrolla.com. You may also want to discuss your personal and/or business benefits gained using 70% tax credits with your accountant, CPA or tax preparer.