YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Did you know that your charitable giving can give back to you at the same time?
Many nonprofit organizations in the area have benefited from different kinds of tax credits to support their mission or special campaign goals.
Harmony House in Springfield is a qualified beneficiary of a unique tax credit for domestic violence shelters in Missouri, for which donors can receive a 70% tax credit. Quick math on a $1,000 gift would send a $700 tax credit right back to you for your state tax filing, and Harmony House receives the full $1,000 to support emergency shelter and supportive services for survivors of domestic abuse.
The demand for service from organizations like Harmony House has seen a dramatic increase across the state in recent years, with Greene County continuing to see some of the highest rates of abuse per capita.
In 2023, Harmony House responded to 4,200 calls from victims, and sheltered 423 individuals. As of this letter, advocates have answered 3,300 calls and welcomed 270 individuals to shelter. We know that the stress of the holidays will only increase those numbers, unfortunately. The strain on local shelters is being felt through staffing shortages, fewer beds, and in some cases having to close their doors for good. So, the incentive for donors to dig a little deeper to support these services by receiving a special tax credit goes a long way, I can assure you.
National studies show that 33% of women, and 25% of men, will experience some form of abuse in their lifetime. Every one of us knows someone in our lives who has been impacted either directly or indirectly by abuse. It’s your family, your best friends and your co-workers who are looking for someone to talk to or needing a safe place to escape to.
I always encourage donors to consult with a CPA or financial planning expert about the impacts of tax credits of any kind before making a gift.
Harmony House tax credits can be applied to cash donations, or even gifts of appreciated stock. Knowing how to make the most of them for your own personal financial situation is important information.
The holiday season brings with it a sense of giving to others, giving back to community causes, or simply being there for someone in our lives who needs us.
If you’re looking for a way to give financially to a worthy cause this year, think of the impact your gift can have for a family in shelter this year. Add to that the incentive of a 70% tax credit, and you win, too.
Jared Alexander is the executive director of Harmony House. He can be reached at jareda@myharmonyhouse.org.
A wave of affordable housing built in the 1990s through the federal Low-Income Housing Tax Credit are expected to revert to market rate housing in the next few years.
