Tax Credit
WHAT ARE TAX CREDITS?
- Rose Brooks has 50% Missouri State Tax Credits available.
- What is the difference between a tax deduction and a tax credit?
- A tax credit is generally considered more beneficial that a standard tax deduction.
- A Tax Deduction reduces the amount of taxable income.
- A Tax Credit directly reduces the amount of taxes owed.
- A State Tax Credit is deducted from the bottom line of your State taxes owed.
For example: a $5,000 donation can be deducted from your Federal taxes as usual, reducing your taxable income;
Additionally, if awarded a tax credit, the donor may deduct $2,500 from income taxes owed to the State of Missouri.
WHO CAN APPLY FOR TAX CREDITS?
- Tax credits may be used by individuals, businesses or foundations with business income tax liability in Missouri.
- Monetary donations must be $100.00 or greater to apply. If monetary donations over the calendar year total $100.00 or more, you can submit multiple donations on one application with proper documentation.
HOW DO I APPLY?
- Your tax credit application must be filed with the State of Missouri within one year of the date of the donation in order to be eligible for tax credits.
- Download the appropriate application below and complete the information required from you.
- You must provide the required documentation which is described on the tax credit application. If the donation was made by check, you must provide a copy of the front and back of the cancelled check or provide a bank statement clearly showing your name and the payment to Rose Brooks Center. If the donation was made by credit card, you must submit a copy of your credit card statement clearly showing your name and the payment to Rose Brooks Center.
- Return your completed part of the application and the required documentation to Rose Brooks Center, Attn: Marie Dispenza, PO Box 320599, Kansas City, MO 64132-0599.
- Rose Brooks Center will complete its part of the application and forward it to the appropriate State agency.
IMPORTANT THINGS TO REMEMBER WHEN APPLYING
- Tax credits are given on a first come, first served basis.
- If you wish to have your tax credit certificate by the April 15, 2013, tax deadline, the State must receive your application by February 15, 2013.
- Please remember that the State makes all final determinations regarding tax credit awards.
- Any goods and services received will be subtracted from your donation amount.
For example: a $1,000 donation is made at an event with $100 of goods and services received. $900 is eligible to be submitted for a 50% Missouri tax credit which could results in a tax credit award of $450.
For more information, or to secure tax credit paperwork, please contact Marie Dispenza at 816-523-5550
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:: :: Download the Neighborhood Assistance Program Tax Credit Form for BUSINESSES ONLY
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