Did you know that a charitable donation to WCHS could earn you back 70 cents on every dollar you give?
If you're a business owner, landlord, or farmer in Missouri, you know your stuff when it comes to company tax credits. But it's one of the best-kept secrets in the state that a qualifying charitable donation will entitle you to a 70% tax credit. Not only that: you can use it for up to 5 years!
It's a great way to give back to your community while earning corporate tax deductions that can help your business grow. But time is running out to qualify for this amazing opportunity.
Want to get involved while you can? Read on, and we'll tell you everything you need to know.
Tax Credit vs Tax Deductible
Tax credits and tax deductions may be the most satisfying part of preparing your tax return. Both reduce your tax bill, but in very different ways.
Tax credits directly reduce the amount of tax you owe, giving you a dollar-for-dollar reduction of your tax liability. A tax credit valued at $1,000, for instance, lowers your tax bill by $1,000.
Tax deductions, on the other hand, reduce how much of your income is subject to taxes. Deductions lower your taxable income by the percentage of your highest federal income tax bracket. So if you fall into the 22% tax bracket, a $1,000 deduction saves you $220.
NAP Tax Credits in Missouri
The Neighborhood Assistance Program (NAP) funds local community projects that will encourage economic growth here in Missouri.
NAP tax credits for businesses, farmers, and landlords are a vital part of the scheme. If your qualifying business makes a donation to a NAP project, you'll be entitled to receive company tax credits of up to 70%.
You can then use the tax credit however you choose over the next 5 years, earning a major reduction in your state tax liability. It's that simple!
Why Give to Warren County Handicapped Services?
Right now, WCHS is raising money to fund our new building. Before completing this project, we'd been working out of the same building since 1986, and the need for our services in the community has only increased since then.
The space we've built has almost 5,000 square feet of space and 3 acres of land. This makes it possible for us to provide services to up to 3 times as many people in need. It's also ADA-compliant, so we've been able to expand our services to individuals with higher levels of need.
It's an amazing opportunity for us — and the NAP tax credits you'll earn by donating mean it's a great opportunity for your business, too.
How to Make a Donation for Tax Credit
If you want to support the work we do, the process is simple:
· Make a qualifying donation to WCHS
· Fill out the tax credit application and get it notarized
· Make a copy of your bank statement showing your donation
· Bring the notarized application and your bank statement to us
· We'll take care of the rest!
You can also earn a charitable donation tax credit if you choose to donate in stocks. Either way, your gift will create space and resources for individuals with disabilities in your community.
Even better: You can claim corporate tax deductions on any donation you make! The amount of the deduction will be determined by your tax bracket. Contact your accountant for more information, so you can make the most of your donation.
Earn Company Tax Credits With WCHS
With a limited time to claim company tax credits on your donation, why not give to WCHS today?
If you're ready to make a difference in the lives of individuals with disabilities in Missouri, you can donate today via our website. We'll do everything we can to help you claim your tax credits and make the most of your donation.
And if you prefer to donate stocks, you can email Jessica Davis at email@example.com for more information.