Do you pay Missouri State income taxes? Would you like to pay less next year? With Missouri State Tax Credits it’s possible. Community Living has been awarded Neighborhood Assistance Program (NAP) and Youth Opportunities Program (YOP) tax credits. By making a minimum donation of $100 to Community Living, you'll receive a 50% tax credit. The total contribution also may be claimed in full as a charitable deduction on your federal income tax return for the year the donation was made.
Neighborhood Assistance Program (NAP):
Who qualifies? Businesses only - individuals who operate a sole proprietorship, operate a farm, have rental property or have royalty income are also eligible, as well as a shareholder in an S-corporation, a partner in a Partnership or a member of a Limited Liability Corporation. Click here for more information: (http://missouridevelopment.org/topnavpages/Research%20Toolbox/BCS%20Programs/Neighborhood%20Assistance%20Program.html)
How will Community Living clients benefit? Your contribution will help assist individuals with disabilities in obtaining and maintaining community employment.
Youth Opportunities Program (YOP):
Who qualifies? Anyone who pays Missouri State Income Tax, including individuals. Click here for more information: http://missouridevelopment.org/topnavpages/Research%20Toolbox/BCS%20Programs/Youth%20Opportunity%20Program.html
How will Community Living clients benefit? Your contribution will provide after-school teen club and summer and break camp to youth with developmental disabilities.
How will you benefit from these programs? You may apply your charitable donation to your federal and state income tax returns and receive an additional 50% Missouri State Tax Credit. Tax credits may be applied to the tax year in which the donation was made, or at any time in the next five tax years.
Example:
|
Donation
|
$1,000
|
|
Less Federal and State Tax Savings
(Net of maximum AMT offset)
|
$375
|
|
Less State Tax Credit of 50 Percent
|
$500
|
|
Total Tax Savings
|
$875*
|
|
Estimated net cost of donation after tax savings
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$125*
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*The above example assumes the highest federal tax bracket of 35 percent and highest Alternative Minimum Tax (AMT) rate of 28 percent. Individuals in a lower tax bracket, subject to a lower AMT rate and taxpayers not subject to AMT will experience less, though still considerable, tax savings. The gift of appreciated securities will provide additional benefits not reflected in the above example.
The above example is not intended to represent tax advice. Please consult your tax advisor to learn how tax credits will benefit you specifically.
Qualified donations include:
- Checks
- 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 you can avoid long-term, capital gains taxes with a stock donation to Community Living.
For more information, please contact the Development Department at (636) 970-2800.