Change Children’s Lives With The Arizona Charitable Tax Credit
Did you know that by participating in the Arizona Charitable Tax Credit, you can change the lives of children who need us most? The credit allows taxpayers to donate to qualifying charities and in return, they receive a dollar-for-dollar tax credit on their state income taxes.
What is the Arizona Charitable Tax Credit?
The Arizona Charitable Tax Credit is a credit that allows taxpayers to donate to qualifying charities and receive every dollar back on their taxes. This means that if you pay state taxes, you can donate to a qualifying charity up to preset amounts and receive a dollar-for-dollar tax credit — in most cases, every dollar back that you donated! This is a great way to give back to your community while also getting a break on your taxes. You can even donate to multiple types of charities within this program.
Qualified Foster Care Organization Tax Credit
There are several types of tax credits available. Arizona Helping Hands is able to accept the Qualified Foster Care Organization (QFCO) Tax Credit. This tax credit allows taxpayers to contribute specifically to children in foster care. Your contributions go towards important programs like foster care, after-school activities, educational enrichment, and health and wellness initiatives for the children. By investing in these programs, you are helping to ensure that all children in Arizona have the opportunity to reach their full potential.
How does the Arizona Tax Credit Work?
If you’re looking to take advantage of the Arizona Charitable Tax Credit, there are a few things you need to know. First, you can only claim the credit if you owe Arizona State taxes. Second, the maximum amount you can claim for the Qualified Foster Care Tax Credit is $500 for an individual or $1000 for a couple filing jointly. There is no need to itemize on your federal tax return to take advantage of this amazing program.
To claim the credit, simply fill out Form 321 and submit it along with your state tax return. Be sure to keep a copy of your donation receipt for your records.
The program is simple!
- Donate to a QFCO of your choosing.
- File Form 321 when you file your state taxes.
- Receive your tax credit!
For example, if you and your spouse were to donate $1000 to Arizona Helping Hands, if you owe $1000 when you file your state taxes you would owe nothing. If you were getting money back on your taxes you could get $1000 more in your refund.
With the Arizona State Tax Credit Program, you can make a huge impact on the lives of children when they need us most at no cost to you!
Helping Foster Children With The Arizona Tax Credit
Arizona Helping Hands is a Qualifying Foster Care Charitable Organization (AHH’s QFCO CODE 10003), meaning AZ Tax Credit donations can help the children we support. If you donate to Arizona Helping Hands, 93% of every dollar supports our programs for children in foster care and your gift will provide beds, hygiene kits, clothing, diapers, birthday dreams and more!
Learn more about how to make an impact!