Two New Mississippi Tax Credits You Need to Know About

There are two new Mississippi tax credits available to individuals who are interested in donating to charity, with the added benefit of a dollar for dollar tax credit.

A Married Filing Joint taxpayer, with an AGI of at least $100,000, can receive up to an $800 credit for a QCO donation and $1,000 credit for a QFCCO donation for a total of $1,800 in tax credits. The list of eligible charities is below:

Credit for Contributions to Qualifying Charitable Organizations (QCO)

An income tax credit is available for voluntary cash contributions from individuals made to a QCO. The amount of the credit is limited to the lesser of four hundred dollars ($400) or the amount of the contribution in any taxable year for a single individual or a head of household, and the lesser of eight hundred dollars ($800) or the amount of the contribution in any taxable year for a married couple filing a joint return. 

Credit for Contributions to Qualifying Foster Care Charitable Organizations (QFCCO)

An income tax credit is available for voluntary cash contributions from individuals made to a QFCCO. The amount of the credit is limited to the lesser of five hundred dollars ($500) or the amount of the contribution in any taxable year for a single individual or a head of household, and the lesser of one thousand dollars ($1000) or the amount of the contribution in any taxable year for a married couple filing a joint return. 

If you would like more information about these tax credits or how you can take advantage of them, contact us at (601)936-9288

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