Hello Friends,
As part of our year-end tax planning we wish to offer you information on how to stretch your charitable donation dollars. Arizona allows you to redirect a portion of the state tax dollars that you already pay to certain organizations. These donations made to organizations that qualify, within the annual limits, are allowed to be returned to the taxpayer not as a deduction but as a credit toward your Arizona tax obligation.
A credit will reduce your current Arizona tax obligation. If the credit claimed is more than your current year Arizona tax obligation, the unused credit may be carried forward up to 5 years.
The maximum credit donations allowable (see summary of Arizona Tax Credits below) for a single taxpayer is $1,667 and for married taxpayers $3,334. If you itemize on your Federal Tax Return, those donations are also deductible charitable donations for Federal Tax purposes.
If you have any questions, please feel free to contact us. We are here to assist you.
Here is a summary of the Arizona Tax Credits available for the 2015 tax year.
QUALIFIED CHARITABLE ORGANIZATION CREDIT:
Single $ 200
Married $ 400
List of Qualifying Charitable Organization Form:
https://www.azdor.gov/Portals/0/RefundCredits/CertifiedCharities2015.pdf
FOSTER CARE CREDIT:
Single $ 200
Married $ 400
List of Qualifying Foster Care Charitable Organization Form:
https://www.azdor.gov/Portals/0/RefundCredits/CertifiedFosterCareCharities2015.pdf
See Arizona Form 321 (2015) ‐ Not available yet
PUBLIC SCHOOL TAX CREDIT:
Single $ 200
Married $ 400
School Tax Credit Information Form:
http://www.azdor.gov/LinkClick.aspx?fileticket=lyMlhtowOpw%3d&tabid=240
http://ade.az.gov/wizard/labels/02066249.htm (List of Public & Charter Schools in Maricopa County)
See Arizona Form 323 (2015) Not available yet
PRIVATE SCHOOL TAX CREDIT: Note: this credit can be made up through April 15, 2016 for the 2015 tax year.
Single $ 535
Married $1,070
School Tax Credit Information Form:
http://www.azdor.gov/LinkClick.aspx?fileticket=lyMlhtowOpw%3d&tabid=240
These amounts change from year‐to‐year
See Arizona Form 323 (2015) Not available yet
CERTIFIED SCHOOL TAX CREDIT:
Single $ 532
Married $1,064
School Tax Credit Information Form:
http://www.azdor.gov/LinkClick.aspx?fileticket=lyMlhtowOpw%3d&tabid=240
List of Certified Schools to Receive Donations:
http://www.azdor.gov/LinkClick.aspx?fileticket=4LCbUS0EE4w%3d&tabid=240
These amounts change from year‐to‐year
See Arizona Form 348 (2015) ‐ Not available yet
AZ MILITARY FAMILY RELIEF FUND:
(Limit of $1,000,000 per year accepted) NOTE: The annual limit of $1,000,000 has been reached for 2015 so this credit is no longer available for 2015.
Single $ 200
Married $ 400
https://dvs.az.gov/sites/default/files/documents/files/MFRF‐2015‐Donation‐Form.pdf
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