Giving Archives

Smart Giving: How Supporting Nonprofits Can Reduce Your Tax Bill

By Abacus!|2024-09-17T13:17:35-05:00September 17th, 2024|Better Guidance|

This article was first published in the Springfield Business Journal's 2024 Giving Guide. As we enter a season of giving, being mindful of tax credit availability can put you ahead during tax season and greatly reduce your tax bill. Both tax deductions and credits can be beneficial in reducing taxes each year. A deduction reduces taxable [...]

Making the Most of Charitable Giving – MO State Tax Credits

By Abacus!|2024-05-13T14:42:19-05:00September 2nd, 2021|Better Guidance|

It may be beneficial to consider taking advantage of state tax credits when planning charitable giving. If you contribute to a qualifying charity, you could receive a credit on your state taxes and a deduction for the difference on your federal taxes. For example, if you make a $1,000 contribution to a charitable organization that is [...]