Do you know about tax credits?
St. Francis Community Services currently has 50% State Tax Credits available for donations of $1,000 or more through the Neighborhood Assistance Program. This type of credit is specifically available for gifts from businesses or individuals with business income.
Eligible donors include:
- Individuals with farm income
- Individuals with rental income
- Individuals with royalty income
- Shareholders in an S-Corporation
- Members of an Limited Liability Corporation
- Individuals operating a sole proprietorship or partnership
These credits reduce your Missouri state tax burden by $500 for every $1,000 donated, in addition to normal tax deductions.
How it works – example based on a donor in the 28% tax bracket:
|Missouri Tax Credit (50% of gift)||500||1,250||2,500||5,000|
|Federal Income Tax Deduction (28%)||280||700||1,400||2,800|
|State Income Tax Deduction (6%)||60||150||300||600|
|Your estimated out-of-pocket cost:||$160||$400||$800||$1,600|
- Please contact us and reserve your tax credit before making a donation.
- Donate $1,000 or more to St. Francis Community Services.
- Catholic Charities will send you a tax credit form and acknowledgement of the donation.
- Fill out the form and return it.
- Catholic Charities will validate the application and file it with the State of Missouri.
- The State of Missouri will process your application and send you an Eligibility Certificate to include with your state tax return and form MO-TC.