With 2015 coming to an end and 2016 rushing in, we would like to update you on the tax credits that are available to Arizona taxpayers. These credits allow you to have a say in how your state tax dollars are spent! This week we’re talking about the Arizona School Tax Credits that benefit Arizona schools and students. Check in next week for information on three additional credits that are available.
Help our Schools!!
Public School Tax Credit
Taxpayers can claim a credit for donations to an Arizona public school of their choice up to $200 for individuals and $400 for married couples filing jointly. The beauty of the tax credit is that it costs you nothing, keeps your money local and reduces your State of Arizona tax liability.
Private School Tuition Credit
Contributions to Private School Tuition Organizations is another way to designate where your Arizona tax dollars are spent. The combined limits for this credit for 2015 are $1,067 for individuals and $2,134 for married couples filing jointly. A list of Certified School Tuition Organizations can be found on the Arizona Department of Revenue website noted below.
You have until April 15th, 2016 to contribute to The Public School and Private School Tuition Credits! This means you can wait to see what your tax liability is and then write your check to the schools instead of the Department of Revenue! Your tax preparer can assist in getting the proper forms filed to make sure you get credit for your contributions.
More information on these tax credits can be found on the Arizona Department of Revenue website at http://azcredits.org.
Keep in mind you must have a tax liability for at least the amount you contribute to take full advantage of the credits. Consult your tax practitioner to optimize the benefit you will receive under the guidelines and limitations of these credits.