- Receive an Arizona State Tax Credit! In the state of Arizona, an income tax credit is available for contributions to Opportunity4Kids as a Qualifying Charitable Organization (QCO). Individual filings can donate up to $400 and joint filers up to $800. Donations may now be made on or before April 15th to be applied to the current or preceding taxable year.
How the Tax Credits Works-Anyone who pays state taxes may be eligible for the tax credit when donating to a Qualifying Charitable Organization (QCO).* This is a dollar-for-dollar state income tax credit. All qualifying donations come right back to you at tax time!
- AND a Federal Tax Deduction! As we are a 501(c)(3) organization, individually or on behalf of your business, you can donate money, goods or services to receive a tax benefit.
For federal taxes, a contribution of cash, check or other monetary gift (regardless of amount), you must maintain as a record of the contribution a bank record or a written communication from the qualified organization containing the name of the organization, the amount and the date of the contribution. For merchandise, goods or services, including admission to a charity ball, banquet, theatrical performance, or sporting event, you can deduct only the amount that exceeds the fair market value of the benefit received that your contribution entitles you to. Charitable contributions are only deductible if you itemize deductions on Form 1040, Schedule A (PDF).* Each state will also have individual tax donation benefits.
If you have any questions, please contact Angela at Taxanista at 480-331-3316.
(*Info from http://www.irs.gov/taxtopics/tc506.html)