Tax credit details
We are ambitiously raising $600,000 by December 31, 2020 and for a limited time, your donation to GoodLife or CLO may qualify for a 50% tax credit.
Investing in GoodLife now means you can receive tax relief in the form of a tax credit. If you pay taxes in Kansas and make a contribution of $250 or more directly to us, you may be eligible to receive half of your donation back in tax credits.
Funds will be used for the expansion of GoodLife’s Neighborhood Network & iLink, as well as CLO’s Johnson County Montessori School and North Star Academy.
WHAT ARE TAX CREDITS?
State tax credits reduce the total amount of taxes owed to the state. They are a way for a taxpayer to substantially reduce the cost of making a contribution to a charitable organization.
WHO IS ELIGIBLE?
Businesses and individuals who file a Kansas tax return are eligible to receive a tax credit through this program. Even LLCs, S- Corps and Sole Proprietorships can claim the K-60 credit.
WHAT IS THE VALUE OF THE KS TAX CREDITS?
GoodLife and CLO can provide a state tax credit worth 50% of an eligible donation made to support our projects. Donating at least $250 qualifies you for a state tax credit worth half of your total contribution. For example, a $1,000 donation would be eligible for $500 in state tax credits.
IS THERE ALSO A FEDERAL TAX BENEFIT?
In addition to the KS tax credit, for those who itemize on their federal return, 100% of the donation may also qualify for a federal deduction. In this case, a $1,000 donation may cost the donor just over $100. Be sure to check with your tax advisor to understand the full benefits possible through this program!
HOW IT WORKS
Non-monetary (in-kind) donations may be eligible for tax credits too. Vendors and business who donate or discount their services, products, or materials, can also qualify for the tax benefit.
You can choose to support GoodLife, CLO, or both. Donations can be made online (below or by clicking here) or via check sent to PO Box 14395, Lenexa KS 66285-4295.
Expect a call from us! We will need to collect information from you to fill out the forms required by the KS Department of Commerce so that they can issue you a certificate letter worth 50% of your total donation.
You may receive a refund even if the value of your state tax credits exceeds your state tax liability—it’s true!
Remember, 100% of your donation is also eligible for a federal tax deduction for those who itemize. Check with your tax advisor for details.
Participation in the state tax credit program officially ends December 31, 2021.