There are many ways to support the work you love and gain the maximum tax advantage through state tax credits or IRA and stock transfers. Tax credits are a dollar-for-dollar reduction on the state taxes you owe that go beyond the deduction that reduces the gross income on which your taxes are calculated.
State Tax CREDITS offered
Ways to Give
Tax Advantaged Giving Options
For more information on any of these options, email our Advancement Department or call 719.866.6440
The state of Colorado allows you to take a 25% tax credit on your state income taxes when you donate to a qualified Catholic Charities program through the Homeless Contribution Tax Credit Program (previously the Enterprise Zone Tax Credit)
Donations to the Child Care contribution qualify for a 50% state income tax credit. The Child Care Contribution provides for childcare support and information dissemination, childcare expense assistance for qualifying client families, and other eligible childcare expenses.
For taxpayers who will be at least 70 1/2 years old by December 31st each year, there is a special provision of the tax law called the Qualified Charitable Distribution (QCD). QCD donations also count towards Required Minimum Distributions (RMDs)
Gifts of appreciated stock may result in tax savings for you and may even qualify for the Homeless Contribution State Tax Credit at a rate of 25%. Catholic Charities gratefully accepts stock donations.
Donor-advised funds allow donors to make charitable gifts through a personal fund held at a public charity, such as a local community foundation.
Coloradans who receive a state income tax refund can donate all or some of it to a local nonprofit. RefundWhatMatters.org provides simple instructions for your designation. To designate Catholic Charities of Central Colorado, the registration number is 20033003438
QCDs made to Catholic Charities provide multiple benefits. They reduce your taxable income without itemizing, meet your IRA Required Minimum Distribution (RMD) obligation, and qualify for generous state income tax credits – all while supporting the work you love!
Use charitable giving to reduce your income taxes.
Even if you now take the standard deduction instead of itemizing, charitable giving reduces your income taxes. For taxpayers who will be at least 70 1/2 years old by December 31st each year, there is a special provision of the tax law called the Qualified Charitable Distribution (QCD). It applies to IRAs and provides an “above the line” deduction that reduces taxable income. The donation must be made directly from your IRA to the charity.
QCD donations also count towards Required Minimum Distributions (RMDs) if you are required to make such distributions. These RMDs can also qualify for state income tax credits (Enterprise Zone or Colorado Child Care Contribution).
It’s the best of both worlds – you can support Catholic Charities of Central Colorado, reduce your taxable income without having to itemize, meet your RMD obligation, and qualify for generous state income tax credits.
As with any action that affects your taxes, consult with your tax advisor. If IRA QCDs are an option for you, contact your IRA plan administrator to make your gift.
“I felt hopeless until I found Catholic Charities. They helped me with my employment search, financial support, rent and utilities, and transportation.” Rhea now has a great job, friends, and a fresh start in life.
“It takes an awful lot of strength to keep going.” Louise was going through a rough spot until she found Catholic Charities. Something as simple as a donated car changed her life. It gave her the freedom to get a second job and help her family become financially secure.”
“It was a long road, but it’s looking better each day. If it weren’t for Catholic Charities, I wouldn’t be where I am today. No matter what you go through in life, there’s help out there.”
“The Marian House is invaluable because it feeds people. They keep people’s stomachs full and the food is good.”
“Never in a million years did I think I would be homeless.”
“When a person is truly ready to change, Catholic Charities will provide everything you need to change your life.”
“Some days it is just so hard to be homeless.”
“I feel way more confident in myself and my ability to be a mom.”
“Catholic Charities offered me a hand up and that made all the difference.”
“It felt like freedom…finally!”
“It seemed like there was no hope.”
“Every day we are thankful for Catholic Charities.”
“Seeing the help they gave to those in need really impressed me.”
“I am making the changes to get the life I have dreamed of.”
“If I didn’t have Catholic Charities, I don’t know where we would be. I am so grateful.”