Playworks Colorado encourages donors to increase their gift and benefit from the Colorado Child Care Tax Credit. The credit is available to Colorado residents who make monetary contributions to Playworks Colorado.
The Colorado Child Care Contribution Tax Credit was established to encourage greater private support of Colorado child care programs. Because monetary contributions to Playworks Colorado qualify for this tax credit, you may be able to decrease the after-tax cost of your gifts.
See below for example donations and the overall impact to your wallet after tax benefits are applied for a charitable donation to Playworks. As always, you should consult with your tax advisor to determine how the credit will affect you personally.
Thank you for considering making a contribution to Playworks Colorado!
Tax Saving Examples
(Illustration only; please consult with your tax advisor.)
| *24% Federal Tax Bracket | ||||
| Donation Amount | $1,000 | $500 | $125 | $50 |
| After Tax Cost of Donation | $334 | $167 | $42 | $17 |
| *32% Federal Tax Bracket | ||||
| Donation Amount | $1,000 | $500 | $125 | $50 |
| After Tax Cost of Donation | $294 | $147 | $37 | $15 |
*This information should not be construed as tax advice. Please consult your tax professional as individual tax situations vary.
Guidelines:
- Only monetary donations are eligible. Stock or other securities and in-kind gifts, such as labor or equipment, are not eligible but may qualify for other tax benefits.
- In the case of donations associated with events, only the deductible portion of your payment, reduced by the value of goods and services received, is eligible.
- Both individuals and corporations can take advantage of the credit.
Playworks will provide a signed letter that states the amount of the cash gift, along with the DR1317 tax form certifying the child care contribution.