Tax Credit
Rose Brooks has 50% Missouri State Tax Credits available.
What is the difference between a tax deduction and a tax credit?
- A tax credit is generally considered more beneficial that a standard tax deduction.
- A Tax Deduction reduces the amount of taxable income.
- A Tax Credit directly reduces the amount of taxes owed.
- A State Tax Credit is deducted from the bottom line of your State taxes owed.
For example, a $5,000 donation can be deducted from your Federal taxes as usual, reducing your taxable income;
Additionally, the donor may deduct $2,500 from income taxes owed to the State of Missouri.
Tax credits may be used by individuals, businesses or foundations with business income tax liability in Missouri.
For more information, or to secure tax credit paperwork, please contact Chris Potthast at 816-523-5550
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