Local tax credits are available

As the end of 2017 approaches, those individuals and companies who are looking to make donations have two local projects from which state tax credits are available to help with their tax burden.

Tax credits are available by making a minimum $1,000 donation to SSM Health Preschool and Childcare Center for a 50 percent Missouri State Income Tax credit. This tax credit can be used sometime in the next five years.

The center has $66,000 left; Development Officer Megan Jennings of the St. Francis Hospital Foundation indicated the group would like to see all sold by December 31.

To make a donation and take advantage of the tax credit opportunity, contact Jennings at 660.562.7933. She will complete the necessary paperwork.

The other opportunity for a local monetary gift and tax credit is with the Children and Family Center of Northwest Missouri. By making a minimum $100 donation, a 50 percent tax credit is available.

The center still has $20,000 in tax credits available until June 30, 2018. However, to have a tax credit available for the 2017 tax year, the monies must be given by December 31.

Donations will be used for the Children and Family Center’s general operating expenses including the victim expense fund. Gifts can be earmarked if so desired, Director Linda Mattson said.

To make a gift and receive the tax credit, contact Mattson at 660.562.2320.

According to Nodaway County Economic Development Director Josh McKim, tax credits are offered by Missouri to help with community development and neighborhood assistance. In addition to donors being able to take the tax credit directly off the amount owed on their state income tax, they can use the donation as a deduction on their federal income tax return.

McKim said that sometimes a $100 donation can result in more than a $100 tax savings. For more information on this aspect of tax credits and donations, McKim urges prospective donors to contact their own accountant about how it will affect them personally.

“Each person needs to contact their accountant because no two taxpayers’ situation are the same,” Veronica Luke, owner of Veronica Luke Tax and Accounting, Maryville, said. “It’s important to discuss with your accountant before making the donation, if there is an interest in tax credits.”