Unique Opportunity to Reduce Your Kansas State Taxes
As you consider year-end tax reduction strategies, you may not know that both Kansas and Missouri offer special credits that can help reduce your state taxes.
For instance, Kansas announced recently that 23 nonprofits are eligible for tax credits under the Kansas Community Service Tax Credit Program.
Gifts to the approved projects receive a 50% refundable tax credit in addition to the regular federal deduction for the charitable gift! If the charity is in a rural area, the credit gets even better at 70% of the gift amount.
How it works: If you write a check for $1,000 to one of the charities that has a 70% tax credit, you would receive $700 off your state taxes for doing so. The charity would present proof of your donation to the state to facilitate your tax credit and then your CPA will need to complete the K-60 form to receive your credit. These credits are available to any individuals or businesses who file a Kansas Tax return. It’s truly a win-win!
As treasurer and supportive parent of New Horizon Ranch(NHR), Matt is excited that NHR was chosen as one of the organizations to receive the 70% tax credit through December 31, 2016. NHR will use the capital campaign to build a much needed indoor arena to expand their year-round programming.
Please contact us to find out the specifics of how you could benefit from this opportunity or what your state offers for tax credits. You can email Ambra Leibach or call the office at 913-317-6000. Watch for more information about the Missouri credits.< Back to Updates