HELP YOURSELF WHILE HELPING KIDS!
Happy Boys & Girls Clubs members from Metro Denver watch Governor Ritter sign the 10 year extension of the Colorado Child Tax Credit. Past president, Scott Erchul ,looks on from near the state flag after having the honor of also speaking at this ceremony.
The State of Colorado has realized the value of positive after-school programming and has passed legislation to help promote such programs, called the Child Care Contribution Credit. This is a Colorado state income tax credit equal to 50% of your donation up to $100,000. Our club sends the completed Form DR 1317, necessary for your tax preparer, to you at the end of the year. Here is a sample calculation:
What exactly is a tax credit?
A tax credit is a dollar for dollar decrease on your taxes owed.
EXAMPLES OF WHAT YOUR DONATION ACTUALLY COSTS OUT OF POCKET!
DETAILS
You receive a Colorado state tax credit, not just a deduction.
Individuals and corporations are eligible for this deduction.
Donations still qualify as a charitable contribution on federal income taxes.
A maximum amount of $100,000, not to exceed annual tax liability, is allowed for each contributor.
You can still use tax credits even if you don't itemize.
There is no minimum contribution level. All donations are greatly appreciatedc and judiciously administered.
Individuals and businesses can make annual donations and/or ongoing pledges, either monthly, quarterly or semi-annually as an investment in the success of Boys & Girls Clubs.
Our recent audit showed the Club is doing very well at managing its funds according to philanthropy criteria. Check it out!