Child Care Tax Credit

Child Care Tax Credit

The Black Canyon Boys & Girls Club (BCBGC) became the big 2-0 in 2019. To celebrate this momentous occasion, the Club has partnered with the Montrose Daily Press on a special project; to bring to the readers of the Press an article each week to highlight various aspects of the Club and show the impact it has had in Montrose & Olathe. The readers will get insight from current parents, former Club kids, current Club kids, past Club staff, and more. So join us each week as we show why “Great Futures Start Here!”

“In this world nothing can be said to be certain, except death and taxes.” -Benjamin Franklin.

In a few weeks, the deadline to file taxes will be upon us. Tax time is often a mixed bag of emotions for most people; glee for those who get a refund, sorrow for those who have to pay in, and relief by all when they are finally done. I know I always find ways to try and lean toward glee and find deductions on my taxes that lead to a refund. I have found my donations to the Black Canyon Boys & Girls Club has helped with that endeavor.

When you donate over $100 to the Black Canyon Boys & Girls Club (or any Colorado Boys & Girls Club for that matter so share this with your friends across the state), a Colorado Child Care Tax Credit is issued. What is the Child Care Tax Credit? For every dollar donated to the Club (over $100), 50% of that amount comes back to you through the Credit. So, if I donate $200, I will get a credit of $100! Now this Credit applies to one-time donations and accumulated monthly giving but it also applies to event sponsorships for the Club. The Club has two main fundraising events every year: Crab Crack in November and the Montrose Wine and Food Festival in May (tickets and sponsorships are available now on www.montrosewinefestival.com). Sponsoring either event this year and you can have that Child Care Tax Credit on your 2019 taxes! So with a sponsorship you not only help a great local non-profit, and get to attend a fun event in style, you also get a tax credit – that seems like a triple win to me.

When I think of my portion of state taxes, I question how much comes back into my community. It can seem that with Colorado taxes the benefits tend to stay on the Front Range and little comes back to us in South-West Colorado. That is where the Child Care Tax Credit allows me to control a portion of my taxes and keep more money local. By donating $100 to the Club, that pulls $50 from the state budget and puts $50 back into the local economy. Plus, the Club strives to keep 100% of our budget local, particularly with event planning, because we like to support those who support us. Keeping support local is key to the development of the Montrose and Olathe community.

Now with this amazing Credit there are a few caveats. As I have mentioned, there is a minimum donation required of $100, with a maximum donation of $200,000. Also, this Credit is only applicable to monetary donations and not donations of items. For items donated, such as a vacuum, the Club does supply donation receipts.

Now I quickly reviewed what the Child Care Tax Credit means. If you would like to learn more, in-depth information, please visit: https://tax.colorado.gov/sites/tax/files/Income%2035.pdf.

Thank you to all those who have already supported the Club in the past and received your Child Care Tax Credit! Your support is what keeps the Club going. And do not forget to consult your CPA or tax authority on any tax related issues to determine what works best for you.

Bud Taylor is the Executive Director for the Black Canyon Boys & Girls Club (BCBGC) and had been for the past two years. Prior to that, he was a BCBGC kid, junior staff member, and board director. Feel free to contact Bud Taylor by e-mail at btaylor@bcbgc.org or visit the Club’s website for more information, www.bcbgc.org.