Your Gifts Are Tax Deductible
- Mississippi’s Children’s Promise Tax Credit
- Coronavirus Stimulus Package
Donate online here or mail your check to: CPC Metro Area, P.O. Box 55664, Jackson, MS 39296.
1. Mississippi Children’s Promise Tax Credit
This information is not intended to give tax advice. Please consult with your tax professional about your specific tax questions.
A Mississippi state income tax credit is available for voluntary cash contributions from individuals made to a Qualified Charitable Organization (QCO). The Center for Pregnancy Choices – Metro Area is a QCO!
For contributions made to a QCO, the tax credit is limited to the lesser of four hundred dollars ($400) or the amount of the contribution in any taxable year for a single individual or a head of household, and the lesser of eight hundred dollars ($800) or the amount of the contribution in any taxable year for a married couple filing a joint return.
HOW DO I CLAIM THE CHILDREN’S PROMISE ACT TAX CREDIT?
– After you make a donation to the CPC Metro Area, fill out the MSDOR Children’s Promise Act Tax Credit Application.
– Complete the application and return it to the MSDOR with verification of your contribution (your receipt).
– You will receive a document back from the MSDOR to take to your tax professional to file with your taxes.
WHAT IS THE PERIOD FOR MAKING CONTRIBUTIONS?
The Mississippi Department of Revenue will allocate credits within a calendar year.
The tax credits provided by the Children’s Promise Act are limited to $3,000,000 per calendar year.
The Children’s Promise Act allows for allocations each calendar year beginning January 1, 2019 and ending December 31, 2020.
For more information, visit Mississippi Department of Revenue’s website.
2.. Coronavirus Stimulus Package
The new Coronavirus Stimulus Package bill, signed into law by President Trump, increases YOUR Donation to the CPC in a few ways:
- Smaller gifts, up to $300, now 100% deductible. Until this bill passed, only those who itemize are able to use a charitable deduction. Beginning today individuals can deduct up to $300 whether or not they itemize their deductions. This deduction can be used for contributions of cash, credit card, checks, but not for gifts of stock.
- Larger gift deduction raised up to 100%. Until this bill passed, individuals could deduct up to 60% of their adjusted gross income (AGI) for charitable deductions of cash (not gifts of stock). The stimulus package allows individuals to deduct it up to 100% of their AGI for the year 2020. Donors who use this provision must tell the IRS. This is helpful for individuals making major gift donations and could allow a person to make charitable gift eliminating their tax burden. Any contributions in excess of total AGI may be carried forward for up to five additional years.
- Corporations have much greater incentives to make charitable gifts. Usually giving is limited to 10% of taxable income for the corporation. That limit has been increased to 25% of the taxable income, making charitable gifts much more attractive to business donations.
Gifts can be made online here or by mailing your check to P.O. Box 55664, Jackson, MS 39296.