Holidays are a time for giving and as you gear up for Tax Day, Arizona offers you a unique opportunity to make a difference while reducing your state tax liability.
The holidays are quickly approaching, meaning it is time for giving gifts … and preparing for your year-end taxes. Arizona offers several tax credit programs that provide the opportunity for
As an Arizona taxpayer, you have a unique opportunity to direct your tax money to schools and charities you support and believe in.
You have to make a donation upfront, but â provided you stay within prescribed limits â you get every dollar back in the form of a tax credit.
If you make every possible donation, married couples filing jointly can give $4,965, and all other taxpayers can give $2,483 â and get it all back.
You canât claim more than you owe in state taxes, but â with the exception of the Military Family Relief Fund Credit â unused credits can be carried forward for five years until used. Receipts should be retained and provided to your tax preparer.
Arizona Daily Star
Hereâs what you need to know about claiming an Arizona tax credit for a donation to the Arizona Military Family Relief Fund (MFRF), which offers financial help to active-duty service members, and pre- and post-9/11 veterans and their families affected by combat-zone deployments.
Each year, you can claim up to $400 for married couples filing jointly and $200 for all other filers for contributions to the Arizona Military Family Relief Fund.
Before you can claim credit for contributions you must have received a receipt from the Arizona Department of Veteransâ Services that indicates the contribution qualifies for the credit.