Tax Advice for Charitable Donations
Are you thinking of donating to your favorite charitable organization? First, we would like to thank you for making the world a better place. In the United States, there are approximately 16.8 million family caregivers that provide care for children with special needs below the age of 18.
They rely on people like you to financially support programming that can keep improve the quality of life for these kids. The great news is, while you’re helping to benefit those in need, donating to a charitable organization comes with benefits for you too! That’s why in the article, we will give you some tax advice to help you get the most out of your charitable donation.
Get Familiar With the Rules of Arizona Charitable Tax Credit Donations
Not all donations to charity are tax-deductible. If you want to reduce your tax bill, it’s important to keep the following in mind:
- Only cash donations are tax-deductible
- The charity you choose must be a qualifying charitable organization
- The maximum tax credit for donations under the Arizona tax credit program is $400, and double that to $800 for a couple filing jointly.
- Tax-deductible donations only apply to individuals, not businesses.
Keep Your Charitable Tax Records
If you want to claim your tax deductions, it’s important to keep records. That means you must keep the receipt showing that you donated to a charitable organization. A copy of the receipt will then be attached to your tax return along with the relevant tax forms. If your donation exceeds the maximum allowed, the AZ Charitable tax credit allows you to carry over any remaining tax credits to the next year.
Enjoy Claiming Your Charitable Tax Credit
As you can see, donating to a charitable organization is a win-win because every dollar you donate will essentially be returned to you when you file your state taxes. You can make the world a better place without losing a dollar.
As mentioned, the dollars you donate help to take care of children with complex medical needs and cover expenses like medical care, activities for the children, and support for their families.
The good news is donating to a charitable organization like Ryan House comes with even more benefits because the state of Arizona has some of the best charitable giving policies in the country. In short, you can leverage the Arizona charitable tax credit donation program to get significant tax benefits. Call us today to find out how you can donate to an Arizona charitable organization like Ryan House.
