Arizona Tax Credits
Hopefully you caught last week’s article about the tax credits that benefit Arizona schools, click here to view that article. This week we’re focusing on three additional Arizona tax credits that are available for contributions to certain charitable organizations, foster organizations, and Arizona military families.
Help Certain Charitable and Foster Organizations!!
By contributing to a Qualifying Charitable Organization you can claim a tax credit of $200 for individuals and $400 for married couples filing jointly. If you also contribute to a qualified foster care charitable organization, another $200/$400 credit is allowed. There are numerous organizations all around the state that qualify. You can find a list of 2015 qualifying organizations on the Arizona Department of Revenue website http://azcredits.org/working-poor-tax-credit/.
Help Arizona Military Families!!
The Arizona Military Family Relief Fund is to provide financial assistance to the families of currently deployed service members and post 9/11 military and veteran families for hardships caused by deployment to a service zone. Donations to this fund are capped at $1,000,000 per year. Once the $1,000,000 is met, contributions must be returned. Therefore, it is better to get your donations in early if you want your tax dollars to assist this organization. Check the following website for current year tally-https://dvs.az.gov/military-family-relief-fund-2015.
Keep in mind you must have a tax liability for at least the amount you contribute to take advantage of all the credits discussed here and in last week’s article. Consult your tax practitioner to optimize the benefit you will receive under the guidelines and limitations of these credits.
At Holdsworth Chadd Fuller CPAs we offer a variety of tax services. Contact us if you would like to receive more information or to see if you would benefit by taking advantage of these Arizona tax credits.