The Arizona Department of Revenue allows Charitable Contribution to certain organizations for 2014 tax return filings. This is a wonderful way to direct monies where you would like it to go, rather than to the Department of Revenue.
These credits reduce your AZ tax liability dollar for dollar, and if you itemize, you can deduct them as a charitable deduction on your Federal Return.
The amounts of eligible credits available this year have not changed much from previous years. The amounts eligible for the credits for Married filing jointly (MFJ) are double the amount for Single or Head of Household filers (S):
QUALIFYING CHARITABLE ORGANIZATIONS (Formerly Working Poor Credit)
Credit of up to $200 (S)/$400 (MFJ)
QUALIFYING FOSTER CARE ORGANIZATIONS
Credit of up to $400 (S)/ $800(MFJ)
NOTE: You can donate these higher amounts for this credit only if you do not contribute to the Working Poor Credit, OR you can do $200 (S)/$400(M) to both type of Organizations.
PUBLIC SCHOOL EXTRA CURRICULAR ACTIVITIES
Credit of up to $200 (S)/ $400 (MFJ)
PRIVATE SCHOOL TUITION ORGANIZATION
Credit of up to $528 (S)/ $1,056 (MFJ)
CERTIFIED SCHOOL TUITION ORGANIZATION
Credit of up to $525 (S)/ $1,050 (MFJ)
If you are not certain your favorite organization or school is qualified to receive these donations, you can go to the website: www.az.gov/charitableorganizations and there is a list of those that meet the qualifications or call us at 928-778-0079 or email: loish@prescottaccountants.com for any questions.
