As the end of the year draws near, Anthony Medical Center wants those who are looking to make a low cost donation or are seeking to reduce their tax liability to know that tax credits are still available for distribution.
Anthony Medical Center received $205,000 in tax credits in July of last year through the Kansas Community Service Tax Credit Program to be distributed for the 2014 – 2015 tax years. The tax credits are 70% fully refundable credits.
“These 70% fully refundable credits are some of the most attractive credits that are offered by governmental agencies because donors don’t have to have any tax liability to benefit from the tax credits,” said Shea Lounsbury, AMC Marketing Director.
How do tax credits work
If an individual or business makes a charitable contribution to the Anthony Medical Center for say $5,000, in return they will receive a tax credit certificate from AMC certifying the donation amount is eligible for a 70% tax credit. The donor then includes their tax credit eligible donation amount on their Kansas tax return to receive their 70% tax credit. The tax credit is different from a deduction in that it actually reduces your tax, whereas a deduction only reduces your taxable income. Contributions may include cash, stocks, and bonds. Credit cards may also be used as a form of payment to earn point rewards.
If you itemize, you can also include your donation on your federal return and receive additional benefit. In some instances, depending on your tax bracket, you can realize a net gain in the year of the donation.
$94,999.12 tax credits are still available for distribution.
How can I receive my tax credit?
A tax credit application form is attached below or you can also find one at Anthony Medical Center. In order for a donor to receive a tax credit, they should fill out the application and return it with their contribution to the Anthony Medical Center, 1101 E. Spring St., Anthony, KS 67003, Attn. Lori Allen. This form and contribution must be completed and turned in before November 17,2015. Then at tax time, one should submit a K-60 form with their tax return. Anyone with questions can call 620-842-5111 or consult their accountant.