End of Year Giving: Special Tax Credits
Donations to Catholic Charities can earn a deduction and a tax credit for your 2013 tax preparation. In addition to the standard IRS tax deduction, donations made to Marian House or Life Connections qualify for special income tax credits that make your donations go further. Tax credits reduce the amount of Colorado State taxes you owe after all other deductions have been included in your income tax preparation documents.
Enterprise Zone State Income Tax Credit
Donations of $500 or more to one of these Marian House programs – Soup Kitchen, Client Services, and Community Outreach – qualify for the 25% El Paso County Enterprise Zone state income tax credit. Checks must be made payable to “El Paso County Enterprise Zone” and mailed to Catholic Charities, 228 N Cascade Ave, Colorado Springs, CO 80903. Credit cards are not accepted for this tax credit. A Colorado Taxpayer ID or Social Security number must be included if this number has not been provided in the past.
Child Care Contribution State Income Tax Credit
Beginning January 1, 2013, the state of Colorado began phasing the 50% Child Care Contribution state income tax credit back into the tax formula. Donations to our Life Connections adoption/child placement program qualify for this credit. For more information, please contact us at 719-866-6440.
While these two special tax credits can be beneficial in reducing state income tax liability, consult your tax advisor to determine how any tax deductions or credits may affect your individual tax situation.