Make a financial contribution! Monetary contributions help to support our work to end rape and abuse, and also provide you a great tax benefit!!
Missouri has passed legislation creating a Domestic Violence Shelter tax credit (DV tax credit). Since its inception, Missouri taxpayers have given money to eligible Missouri domestic violence shelters, and in return, the State has given over millions in tax credits to these taxpayers.
The philosophy behind the program is quite simple. Rather than funding a local shelter by giving a grant, the State “partially reimburses” eligible donors who directly contribute to the local shelter themselves. In effect, this enables donors to assist local domestic violence and sexual assault victims with money that they would otherwise pay to the State of Missouri in the form of the tax credit for up to 5 years.
Your donation qualifies as a federal charitable contribution tax deduction and you can take 100% of the donation on your federal tax return. Then, you are able to take 50% of the donation as a tax CREDIT on your Missouri taxes. Donors may claim the tax credits when they file their Missouri tax return. If a donor has more credit than tax owed, the donor may carry over the credit for up to 5 years.
It costs you little or nothing to make a BIG difference!!
Here are a few illustrations of how the Domestic Violence Shelter tax credit works for taxpayers that are married, filing a joint return:
|Your Federal Tax Bracket:||28%||33%||39.6%|
|Federal Tax Deduction||$1,400.00||$2,144.00||$2,056.00|
|Missouri Tax Deduction||$3,397.00||$3,464.00||$3,366.00|
|Total Tax Savings||$ 4,797.00||$ 5,608.00||$ 5,422.00|
|Your Total (Cost)/Savings||$(203.00)||$608.00||$422.00|
|Your Cost||Your Benefit||Your Benefit|
These examples illustrate that if you are in a 33% or higher tax bracket, you can donate Citizens Against Spouse Abuse, Inc. (CASA), and your total, after-tax cost is NOTHING!! Know the cliché, “It’s better to give than to receive?” It’s true when it comes to domestic violence shelter tax credits and Missouri taxes, you can give and receive money back! What’s not to like about that?
Though charitable contributions can help lower your tax income and tax bill. However, there are important things you need to know:
If you would like more information about making a DV Tax Credit eligible donation to CASA, please us (660)827-5559, or go to www.dss.mo.gov/dfas/taxcredit/dvtaxcredit.htm.