Charity Benefits People and Your Wallet- Youth Opportunity Tax Credits

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The season of giving not only provides benefits to the receivers, but also for people who give this year.

The state of Missouri has recently introduced Youth Opportunity Program Tax Credits. YOPs are designed for programs that broaden and strengthen opportunities for positive development and participation in community life for youth.  Fund raising through the YOP eligible gifts will directly support low-income families.

So, for those of you who are unaware of what a tax credit is we thought it might be a benefit to explain.  A tax credit is actually different from a tax deduction, which works by lowering taxable income, tax credits are a direct reduction of your taxes due.  With tax credits, you have a chance to reduce the amount you owe to the state.

Tax credits are Youth Opportunity Tax Credits are a 50% dollar for dollar deduction from your Missouri State Income Tax. Whether it be individual, business, insurance or banking income.  That means that whatever you give to the charitable institutional, 50% of your contribution comes off of what you owe the state in taxes.

For instance, if you contribute $10,000 to a charity eligible for the YOP tax credit, $5000 of it will be saved in Missouri State Taxes. Even better, this tax credit is in addition to your Federal Tax Deduction.

There are over 60 youth-based organizations in the state of Missouri who participate in the Youth Opportunity Program.  To view a list of these organizations and find out how you can participate, please click here.

For more information on how the YOP tax credit can benefit you and your wallet, please contact Hauk Kruse & Associates for more information at 314-993-4285 or click here to visit our website.

HKA Supports Charities: Lunch at St Patrick Center, St. Louis

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(From Left) Jessie Murphy & Bill Kruse serving their community.

On November 11th, 2013, the HKA family partnered up with The St Patrick Center to donate their time during the “Thanksgiving” season to helping others in need.  As the temperature quickly drops in the mid-western metropolis, it is now more important than ever to help those less fortunate.

“The St Patrick Center outing was a wonderful opportunity to expose and remind our Firm.  We have been exposed to a need and found it to be an easy need to fill.  This will help desensitize us to volunteerism in general.  It didn’t hurt, wasn’t scary, and felt good.  It also showed us what a successful institution of helping others looks like and will serve as a reminder should others try to convince us that these charities do not accomplish their goals of service.

Abby with Davey, from the St Patrick Center

Abby with Davey, from the St Patrick Center

We were also reminded of the need.  We saw the need first hand and it is real.  What little we do is appreciated, from the smiles on the faces to the glowing face of one young gentleman in particular of about 4 who skipped up to see us and stole our heart with his openness and happiness.  It reminds me of a quote I once read.. “The caliber of the soul of a great city can be seen in the faces of her most needy.”  As I looked into the faces of those served at St Patrick Center I did not see malice or hatred, I saw something different, not always hope, but not resignation either, and where there is at least some hope, much can be gained. ”  – Bill Kruse, Managing Partner

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Blake Will and Brian Godfroid serving lunch

“There is no better feeling at the end of the day then knowing that you played a role in making someone’s life better, if only for an hour”  – Jessie Murphy, Administrative Asst.

To learn more about The St Patrick Center or to donate visit http://www.stpatrickcenter.org today.