Maternity Home Tax Credits
Donations to The Haven of Grace can save you money! The more you give, the more you save!
What is the Maternity Home tax credit?
Annual donations of $100 - $50,000 to The Haven of Grace from individuals and/or businesses are eligible for tax credits equal to 50% of the donation amount under the state of Missouri’s Maternity Home Tax Credit program established on January 1, 1998.
For the fiscal year ending June 2010, The Haven of Grace has been allocated approximately $153,000 in maternity home tax credits. Gifts cash, stocks, bonds, securities and real estate are eligible for this credit.
Example:for a gift of $1,000 in a 35% Tax Bracket |
|
| Federal Tax Savings | $350 |
| Missouri Tax Savings | $30 |
| MO Maternity Home Tax Credit | $500 |
| Total Savings | $880 |
| Total Out of Pocket | $120 |
What is a Tax Credit?
A tax credit is a deduction directly off what you owe in taxes to the State of Missouri during a taxable year. This is over and above the regular deduction you are eligible to take off federal and state tax liability.
The Benefits...
The benefit of tax deductible gifts to The Haven of Grace is a wonderful advantage to giving to support our mission, but the calculation EXPLODES the advantage when you apply the maternity home tax credit to your gift. With this credit in place, there is no more efficient place to put a donation dollar than The Haven of Grace.
How it Works
- Make a $100 to $50,000 contribution to The Haven of Grace
- Complete the Maternity Home Tax Credit Application that is mailed to you with your gift acknowledgement and return the completed application to The Haven of Grace for processing
- The Haven of Grace will complete its portion of the application and forward it to the Missouri Department of Social Services for processing
- The Director of the Missouri Department of Social Services will provide notification of its decision to approve the tax credit to you (the taxpayer) and the Department of Revenue within 45 days of receipt of your application*
*Tax credits are issued in the order contributions are received and may be reduced if any outstanding tax balances are owed. Please consult your tax advisor before making your contribution to confirm the effects of the tax credit on your personal tax status.
