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Tax Credits

"I have been taking advantage of tax credits for Youth In Need for many years. I honestly cannot think of a better way to really help a great agency while minimizing your out-of-pocket expenses and knowing exactly how your tax dollars are being used.”

— Jerry Daniels, Retired President and CEO
Military Aircraft & Missile Systems, The Boeing Company
A Youth In Need Board of Regents Member

Give More, Pay Less: Missouri State Tax Credits

Missouri state tax credits allow donors to contribute more to Youth In Need than might otherwise be possible by lowering the total cost of the donation. Anyone contributing $100 or more can claim state tax credits equal to 50 percent of their donation. Those tax credits are then used to pay state income tax on top of any charitable deduction from the gift.


 

Example

Donation    $  1,000 
State Tax Credit (50%)  -  $  500
State Income Tax Deduction (6%)  -  $   30
Federal Income Tax Deduction (24%)  -  $  120
Total Out-of-Pocket Cost    $  350

As one of Missouri’s few qualified crisis care centers for youth, Youth In Need has
access to 50% “Champion for Children” tax credits that are available to all Missouri
taxpayers. The tax credits available to crisis care centers for 2021 total $500,000 ($1
million in donations). These credits are claimed at the same time you file your income
taxes. 

Youth In Need also was awarded $180,000 in 50% “Neighborhood Assistance Program” (NAP) tax credits ($360,000 in donations) available for corporations, partnerships, S-corporations and LLCs as well as individuals reporting income from rental properties, farm income, partnerships, sole proprietorships, S-corps or LLCs. NAP credits are claimed by applying to the state for the credits and then redeeming when filing taxes.

*This example shows cost savings for someone in the 24% federal tax bracket who itemizes on their federal and state tax returns (as opposed to taking the standard deduction). Individuals in lower or higher tax brackets, those who do not itemize, and those subject to the Alternative Minimum Tax would all have slightly different tax savings. A gift of appreciated securities would provide additional tax benefits related to avoiding capital gains. The above example is not intended as tax advice. Tax credits may be applied to tax liability in the year the gift is made or any time over the next five years. Please consult your tax advisor to learn how tax credits benefit you specifically.

If you have any questions, contact Rob Muschany, Chief Development Officer, at 636-757-9348.