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.

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