Did you pay income taxes to the State of Arizona last year, or expect to be paying this year? Would you like to determine where part of your tax dollars go, and at the same time get additional IRS deductions?
Arizona is unique in that you can donate cash to certain charities in Arizona, and receive a credit against what you would otherwise owe to Arizona.
Taxpayers filing as “single” and “head of household” status may claim a maximum credit of $400. Taxpayers filing as “married filing separate” may claim a maximum credit of $400. Taxpayers that file as “married filing joint” may claim a maximum credit of $800.
This means that if you had a total tax obligation of $700 to Arizona, and you donated $700 to one of the allowed charities, you would not be required to pay more, plus you would get that $700 as a deduction on your Federal Schedule A. What a deal!
Furthermore, if you had $600 in Arizona state taxes withheld, you would receive it back as a refund.
Although you cannot just pick any charity, the number of charities to choose from is quite lengthy. For a list of all of the charities available to you for donation, follow the link below:
Keep up to date on tax information at my website www,lawken.com , and look under “What’s New?”
Comments or questions are welcome.