Tax Credits Available for More Donors
SOMO is making 2016 tax credits available to any Missouri taxpayer who donates $1,000 or more to support the Training for Life Campus. But hurry -- you must act now.
These tax credits are available immediately through the Missouri Development Finance Board (MDFB), and represent a 50% tax credit for donations. Until now, these MDFB tax credits were only available to business and property owners. Now, any Missouri taxpayer can get a 2016 tax credit of 50% which, combined with federal and state tax deductions, can reduce taxes even more. Here's an example:
With a donation of $2,000 to the Training for Life Campus capital campaign, here's what you can save, assuming a federal tax rate of 35% and state individual tax rate of 6%:
• Donation to benefit TLC $2,000
• Missouri Tax Credit (50% of gift): - $1,000
• Federal Income Tax Deduction: - $ 700
• State Income Tax Deduction: - $ 120
• Adjustment in Fed/State Deduction: + $ 350
NET COST TO DONOR: $ 530
These MDFB tax credits are available for a limited time, and there are a few rules to follow:
Step 1: Make your check payable to Missouri Development Finance Board (MDFB), not SOMO and not TLC.
Step 2: Notify SOMO that you intend to use the MDFB tax credits. We will help you streamline the process and ensure that your donation earns the tax credits.
Please mail, call or email your donation information or questions to:
SOMO, Attn: Laurie Shadoan
9001 W. 67th Street
Merriam, KS 66202
Call: 913-789-0353 Email: email@example.com
Step 3: Complete Form 100 to mail with your MDFB check. Get it here, or call to request the form.
Step 4: Send completed form and your MDFB check to:
Missouri Development Finance Board
P.O. Box 567
200 Madison Street, Suite 1000
Jefferson City, MO 65102