The Colorado Child Care Tax Credit: What You Need to Know
Let’s be real: no one likes paying the IRS. But you know what we do enjoy? Making charitable contributions to local organizations that provide essential services to families, all while earning tax credits and deductions. The Colorado Child Care Contribution Credit is an excellent way to stretch your 2015 charitable contribution dollars. The CCCCC is a program that provides a 50% state tax credit AND a state and federal tax deduction for any contribution made to a qualifying child care organization or fund. Some local organizations that qualify for the credit include:
1. Boulder Valley School District Kindergarten Enrichment Program: 720.561.5970
2. Bal Swan Children’s Center (Broomfield): 303.466.6308
3. Salvation Army Red Shield Community Center (Denver): 303.295.2107
4. Gateway Academy (Broomfield): 303.242.8706
5. Boys & Girls Club (metro Denver area): 303.892.9200
There are many other schools and organizations that qualify for this credit – for a full list, please contact Molly at molly@higginsdeyoung.com or 720.287.0918. If you have a specific organization in mind that you would like to donate to, we suggest contacting them directly and asking if they qualify for the Colorado Child Care Contribution Credit.
Here’s an example of the power of the Colorado Child Care tax credit:
The advisors at Higgins & DeYoung are not tax preparers, nor are we experts on all aspects of the tax code. Our role as advisors is to help you develop and implement an efficient tax strategy. As everyone’s personal financial situation is different, we recommend that you consult your CPA before making any tax decisions.
