What is the Arizona Charitable Tax Credit?

06-07-2021

What is the Arizona Charitable Tax Credit?

by FastSEO

Arizona residents are in an especially fortunate position. “As an Arizona taxpayer, you have a unique opportunity to direct your tax money to schools and charities you support and believe in,” The Arizona Daily Star reports. By taking advantage of the Arizona Charitable Tax Credit, taxpayers can support their chosen charities up to a certain dollar amount. Married couples filing a joint tax return can donate up to $800. Those filing individual tax returns may give as much as $400 to charity. Under Arizona’s special tax provisions, eligible taxpayers will get the entirety of their money back through tax credits.

Learn more about the Arizona Charitable Tax Credit and qualifying charitable organizations below.

What is the Arizona Charitable Tax Credit?

Arizona taxpayers may choose to donate to Qualifying Charitable Organizations (QCOs) as well as Qualifying Foster Care Charitable Organizations (QFCOs). As previously stated, individuals may donate $400 to QCOs. Anyone filing a single tax return may donate an additional $500 to a QCFO as well.

After donating, taxpayers can write them off as tax credits. For example, if a taxpayer owes $2,000 to the State of Arizona, their new responsibility becomes $1,600 after donating the maximum amount to a QCO or $1,100 after donating to both a QCO and QCFO.

Donors must use cash, credit, or electronic funds to donate. Physical donations, like clothing items, do not qualify.

What Organizations Need Your Help?

Once individuals realize that they have the potential to write off entire donations on their taxes, there is little reason to refrain from donating to a charity you care about. Of course, some have trouble thinking of a worthy cause.

If you are looking for a worthwhile charity, consider donating to the Phoenix-based Ryan House. Ryan House provides essential and compassionate end-of-life care for pediatric patients. According to the U.S. Health Resources and Services Administration (HRSA), 14% to 19% of American children are living with a chronic physical, emotional, or behavioral ailment. Of those patients, a portion will not live to see adulthood.

Ryan House provides these children with the very best palliative care, ensuring that their last years, months, or weeks are as comfortable as humanly possible. Ryan House provides spiritual care, religious care, counseling, support, and opportunities to create meaning and promote personal growth.

What will you do with your Arizona Charitable Tax Credit? Consider donating it to those who need it most. Contact Ryan House for more information today.

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