Looking to take the next step? Donate today and make a difference.
Your tax-deductible gift goes directly to the students and programs of Parents Challenge. For the past 20 years Parents Challenge has financially assisted over 2,400 students and their families. But there are many, many more kids who need support. Can you help?
COLORADO CHILD CARE TAX CREDIT
The Colorado Child Care Tax Credit is a great way to maximize your donation. In order to promote giving to nonprofit organizations that provide quality child care in Colorado, the state has offered a special 50% income tax credit to taxpayers who donate to qualifying programs. The effect of this credit is that half of your donation is offset by a dollar-for-dollar reduction of your Colorado income taxes. In addition, if you itemize your federal income tax returns, you may be able to claim the credit and receive a deduction.
Making a monetary donation to Parents Challenge entitles you to this Colorado Child Care Contribution Credit! Combined with other state and federal itemized tax deductions, this a great way to maximize your charitable giving. Anyone considering this credit should consult with their personal tax advisor to confirm the effects on their individual finances.
For more information, please visit the Colorado Department of Revenue FYI bulletin found here.
Cares Act for Charitable Giving
The CARES Act includes increased tax benefits for individuals and businesses who make charitable contributions in 2020.
Standard Deduction
If you plan to take the standard deduction (non-itemized) on your 2020 tax return, the CARES Act allows you to take an ‘above-the-line’ tax deduction of up to $300 for donations to charitable organizations. For reference, the 2020 standard deductions are: $12,400 for individuals and $24,800 for married couples filing jointly. Any donation to qualifying charities, up to $300, will be added to the standard rate of deduction. This deduction will continue into future tax years.
Itemized Deduction
If you plan to itemize your deductions on your 2020 tax return, the CARES ACT allows you to take a tax deduction, up to 100% of your Adjusted Gross Income (AGI), for contributions to qualifying charities. The CARES Act lifts the 60% of AGI limit for cash donations made in 2020.
Corporate Donations
For corporate donors, the CARES Act allows an entity to take a tax deduction of up to 25% of their Adjusted Tax Income for contributions to qualifying charities starting in 2020. The CARES Act lifts the 60% of AGI limit for cash donations made in 2020.
This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.
PAYMENTS CAN ALSO BE SENT TO:
PARENTS CHALLENGE
2 N. Cascade Ave., Suite 1280
Colorado Springs, CO 80903
Parents Challenge has given me the tools and strength to be involved with Aaliyah and the school. I have learned of many resources that I can use to further help Aaliyah succeed which is something I never really got as a child, homework tutorial was a huge help. That there are more parents out there just like me. I have become the involved parent that I never really thought I was going to be and the support of the Parents Challenge team is one that cannot be replaced. Duran Family
Note: If you wish your entire donation can go to Parents Challenge as you make your contribution online.
You will be given an opportunity to pay the small percentage required for utilizing your credit card.
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HOW YOU CAN MAKE A DIFERENCE
Most Parents Challenge kids would still be trapped in poor schools without the scholarships and grants provided by the generous support of Parents Challenge donors – people just like you. You can make a difference. Your donation will allow Parents Challenge to assist even more students and their families.
