The Anchor House

A safe, supportive home for single moms & their kids to receive hope & healing

What is a Tax Credit?

November 17, 2017 Donation 0
Couple sitting on a couch wondering what a tax credit is

 

The Anchor House is a qualifying charitable organization that provides a tax credit every time you give a monetary donation. Whether you contribute twenty dollars or one hundred dollars to help the single moms and their kids living at The Anchor House, the government will completely match your contribution, dollar for dollar. In other words, when you help us, you benefit, too!

Tax Credits vs. Tax Deductions

In general, a tax credit will save you more money than a deduction will. When you complete your tax return, you may notice that a tax reduction only lowers the amount of taxable income you have for the previous year. A tax credit, however, is a direct reduction of the total amount of taxes you will owe.

For example, if you have a taxable income of 50,000 dollars and listed 5,000 dollars in tax deductions, your taxable income becomes 45,000 dollars for that year. If the 5,000 dollars is taxed at a rate of 10 percent, you only save 500 dollars in tax. However, if that amount was listed as a tax credit instead of a deduction, you save the full 5,000 dollars in taxes.

Not only will you be providing hope and healing to the families in our community, you’ll also benefit personally when you donate to our safe, supportive space.

Donating to The Anchor House

At The Anchor House, every donation is deeply appreciated. Monthly sponsorships provide full meals, bus passes, electricity, diapers, formula and other essential materials for the moms and children living here. If you are unable to support us through monetary donations, we also gladly accept donated items and volunteered time. It’s only with your constant support that we can continue helping the single moms in our community. If you’d like to help, donate to The Anchor House today. From our hearts to yours, thank you.




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