What is a Tax Credit?
A tax credit is different from a deduction—a credit has the same value as cash.
A tax credit is deducted, dollar for dollar, from what you owe in income taxes to the State of Missouri during a taxable year. This amount is in addition to the regular state and federal deductions you are eligible to take for charitable donations. Best of all, 100% of your donation is available to LifeHouse Crisis Maternity Home to inspire our moms to create better lives for their children.
For a gift of $1,000 in a 33% Tax Bracket**
|Total Out of Pocket||$295|
|Federal Tax Savings||$145|
|Missouri Tax Savings||$60|
|MO Maternity Home Tax Credit||$500|
**This example is for illustration only. Please consult your tax advisor before making your contribution to confirm the effects of the tax credit on your personal tax status.
For more information and information on available tax credits, please contact Mandy Long, Chief Development Officer, (417) 720-4213, firstname.lastname@example.org.
*Tax credits are awarded based on the date of the donation. A specific dollar amount of tax credits are allotted to LifeHouse each year by the state. Once exhausted, tax credits may no longer be available for that tax year.