Financial donations to Respite Care qualify for the 50% Colorado Child Care Contribution Tax Credit.
Example:
Taxpayer in the 24% Tax Bracket
Contribution Amount: $1,000
Federal Tax Savings: -$120
State Tax Savings: -$23
State Tax Credit: -$500
After-Tax Net Out-of-Pocket Cost = $ 357
Example provided by: Toby Clary, CPA – Soukup, Bush & Associates
*Figures are for example purposes only. Actual numbers may vary based on individual finances. Should you have questions about how the tax credit will impact you, please consult your tax advisor.