This year, donors have access to more tax credits when giving to Catholic Charities, so helping those in need can be a doubly rewarding experience.
The new Samaritan House Women’s Shelter, which opened in September, and Marisol Homes, which opened a new location, qualify for tax credits in addition to other Catholic Charities shelters and child care center locations.
When a donation is made to these ministries under the Enterprise Zone or Child Care Tax Credit, Colorado donors can receive a tax credit they can use on their Colorado state income taxes.
“It’s a win-win situation because the donation goes further to help those in need and the donor has an after-tax lower cost of donation, even though they gave more,” said Wayne Wolberg, chief financial officer for Catholic Charities of Denver. “We have many donors that are contributing through the enterprise zone and child care tax credits.”
For example, if a donor makes a gift of $500 to a shelter, and they receive a 25 percent tax credit under the Enterprise Zone Credit, the after-tax cost is about $250 or less, depending on the tax bracket, he said. It’s important to note it is a tax credit and not a tax deduction, so it’s a bigger tax reduction.
After a donation is made, Catholic Charities sends a thank-you letter and tax letter for use during tax filing.
See nearby charts for a guide on how a donation benefits Catholic Charities ministries and the resulting tax credit.
WAYS TO GIVE
Not sure how to give back this year? There are multiple ways to donate and support those in need based on your interests and ability.
Giving away goods and services greatly helps the families Catholic Charities serves. Check the regularly updated wish lists posted from different ministries for items to give.
Catholic Charities also accepts donated vehicles. Call 720-799-9307 or visit ccdenver.org/ways-to-give.
One of the easiest ways to give is to make a donation toward the needs of the community. Call the donor relations line at 303-742-0828.
Donating your time is a valuable and satisfying way to help others in need. Catholic Charities has year-round opportunities to assist at shelters, child education centers, women’s healthcare centers and more. Visit ccdenver.org/volunteer.
Join the St. Teresa of Calcutta Prayer Society to join other donors in praying for the needs of the community and submitting prayer requests. Learn more at ccdenver.org/prayer.
Give back in gratitude during the holidays with a year-end gift. Make a donation to a shelter or childcare center and receive a tax credit. You may also donate from appreciated stock and avoid capital gains.
The Catholic Foundation offers donors assistance with establishing planned gifts or donor-advised accounts to benefit Catholic Charities. Call 303-742-0828 for information about your options.
This credit seeks to increase the quality and availability of child care in metro Denver. The state of Colorado allows a 50 percent tax credit on state income taxes when a donation is made to these ministries:
- Marisol Homes in Lakewood - $300 minimum donation
- Catholic Charities’ Early Childhood Education programs –$300 minimum
Visit the Child Care Tax credit page or call 303-742-0828
Real Cost of Giving – The table below illustrates how a large part of your donation comes back to you in various tax credits and deductions, to significantly reduce the after-tax cost of your donation.
Enterprise Zone exists to encourage private involvement in economically-distressed areas. The state of Colorado allows a 25 percent tax credit on state income taxes when a donation is made to one of these homeless shelters:
- Samaritan House, Denver – minimum $250 contribution
- Samaritan House Women’s Shelter, Denver – minimum $250 contribution
- The Mission, Fort Collins – minimum $100 contribution
- The Guadalupe Community Center, Greeley – minimum $100 contribution
Visit the Enterprise Zone tax credit page or call 303-742-0828
Real Cost of Giving –The table below illustrates how a large part of your donation comes back to you in various tax credits and deductions to significantly reduce the after-tax cost of your donation.