YES!! Your state income tax dollars can go further in helping those in need while reducing the taxing effects (yes, pun intended) on Arizona government assistance programs. How?! Arizona has a unique opportunity that allows you to pay your Arizona income taxes while making specific deductible donations.
- Do you itemize your deductions but are capped at $10,000 for the SALT taxes?
- Do you take a standard deduction and don't see a significant benefit in deducting your charitable contributions?
- Have you already donated to some of these not-for-profit qualified organizations and wondered if you missed claiming the tax credit?
Use the free and easy tracking tool at: https://aztaxcreditfunds.com/#youngfta
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Key Points, Limits, and Types of Arizona Charitable Tax Credits |
There are five (5) different types of charitable donation credits to choose from. Limits depend on your end-of-year filing status; Most can allow you to contribute by 04/15/2024 for use in the 2023 or 2024 tax year. (1) Arizona Military Family Relief Fund Credit Limit $200 | $400 This credit must be made in the same tax year to claim it and is limited to the first $1,000,000 of contributions received. I
recommend you contribute early in the year, as this fills up fast! (2) Qualifying Charitable Organizations ** now adjusted for inflation!! ** Organizations that assist Arizona residents who are low-income, chronically ill, or have physically disabled children. Limit $421 | $841 - for 2023 *** Limit $470 | $938 - for 2024 (3) Qualifying Foster Care Charitable Organizations ** now adjusted for inflation!! ** Organizations that provide foster-care community services. We love our animals, but this is for human benefit only. Limit $526 | $1,051 - for 2023 *** Limit $587 | $1,173 - for 2024 (4) Arizona Public/Charter School Tax Credit to support extracurricular activities requiring students to pay a fee. Limit $200 | $400 See also Arizona Publication 707 – School Credits (5) School Tuition Organization Tax Credit to help provide scholarships for students in private, including religious or special needs, schools. Limit $1,307 | $2,609 - for 2023 *** Limit $1,459 | $2,910 - for 2024 This type of credit is adjusted for inflation annually and comprises two levels: The Original (Form 323) and The Overflow (Form 348). Are you curious as to why? Ask me! Did you know there are much higher limits for certain businesses (minimum $5,000) if they are eligible? This is in addition to the personal contributions! Interested to learn more? Contact us! |
Use the free and easy tracking tool at: https://aztaxcreditfunds.com/#youngfta