Did you know a $1,000 donation may only cost you a little over $100 out of pocket?!*
CLICK HERE to use our tax calculator and see how far your contribution can go with additional state and federal deductions – in addition to the Colorado Child Care Tax Credit.
The Colorado Child Care Tax Credit:
Your cash contribution to Anchor Center for Blind Children qualifies for a 50% Colorado Child Care Contribution Credit. Anchor Center donors (including individuals, estates, trusts, partnerships, and corporations) who file a Colorado state tax return are eligible to claim the credit for qualifying contributions they make during the given calendar year.
What you receive:
- Half of your qualifying monetary donation is offset dollar-for-dollar against your Colorado income taxes. Please note that stock or other securities and in-kind gifts, such as labor or equipment, are not eligible but may qualify for other tax benefits.
- In addition you can deduct your full qualifying contribution on your federal and state income taxes if you itemize deductions.
- In the case of donations associated with events, only the deductible portion of your payment, reduced by the value of goods or services received, is eligible. You will be advised of the net amount eligible for the credit.
- A decrease in the after-tax cost of gifts by more than 50%
- The great feeling of knowing your gift is making an impact for Anchor’s children and families while providing donor friendly tax benefits for your charitable giving goals.
At the end of each year we will mail you the necessary form to claim the credit for all qualifying gifts received during that calendar year. To learn more about the Colorado Child Care Contribution Tax Credit, please visit http://www.colorado.gov/, or refer to the FYI Income 35 form here.
Questions? Contact our Development team for more information.
*Please note the examples assume taxpayer itemizes deductions. The amount deductible for Federal Income Tax purposes is reduced by the amount of the Colorado Child Care Tax Credit. Illustrative example only, as with all charitable contributions, please consult your tax advisor.