Virginia Tax Credits for Individuals Businesses, & Trusts for 2016
Donations of $500 or more from individuals; $616 or more for businesses qualify for VA Tax Credits.
Tax credits reduce a donor’s Virginia State Taxes by 65% of the donation’s value, and decrease the cost of the charitable gift. Tax Credits will be awarded on a first-come basis, until all the Children’s Center’s credits are allocated.
The Virginia Department of Education (DOE) this year awarded Falls Church-McLean Children’s Center state tax credits to pass on to donors to encourage support for our early childhood education program that serves children from low-income, working families and children with disabilities.
To receive a Tax Credit:
1. Donors can receive a tax credit worth 65% of their donation of a minimum $500 made by check, online, or with gifts of securities of stocks or bonds. (Note: to have your entire gift made online count toward a tax credit, you must pay an additional 3% to cover the credit card transaction cost, otherwise your tax credit will be reduced by 3%.)
2. Make your gift in one of 3 ways:
b. Send a check payable to: Falls Church-McLean Children’s Center to 7230 Idylwood Road, Falls Church, VA 22043 (must be postmarked by Dec. 31, 2016 to count for the 2016 Tax Year); or
c. Make a gift of appreciated stocks or bonds to the Falls Church-McLean Children’s Center. Direct the securities to Clearing firm – National Financial Services DTC #0226. Note: Gifts may be made as a distribution from your IRA if you are 71 1/2 years young.
3. Simple paperwork. After we receive your gift, the Children’s Center will send you a one-page Tax Credit Confirmation Form to sign and return. The Children’s Center sign and sent it with additional documentation to the VA Dept. of Education for approval.
4. The Virginia Department of Education will send you a VA Tax Credit Certificate in 4 to 6 weeks to submit when you file your taxes.
For more information, call Renee Boyle, Development Director, at 703/534-4907 or email: ReneeBoyleFCMLCC@gmail.com