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Now is the time of the year that people get serious about year-end tax planning, and Arizona’s tax credits are a great way to help hard-working nonprofits help this community. The Qualifying Charitable Organization Tax Credit subsidizes donations to nonprofits that assist the financially needy, the chronically ill or disabled children.
Tax credits lower your tax bill dollar for dollar, and that makes them better than deductions, which lower taxable income before taxes are calculated. Several local nonprofits are eligible to receive donations that can be applied to the Qualifying Charitable Organization Tax Credit, including the Boys & Girls Club of the East Valley – Globe Branch.
The Charitable Tax Credit can be taken in addition to the private and public school tax credits offered by the state of Arizona. “Anyone who pays state taxes may be eligible for the tax credit, which is not the same as a deduction on the income tax form. For example, if you owe $1,000 in state income tax, and you donate $400, you may subtract the $400 from your tax bill and pay the state only $600,” Branch Executive Aimee Staten said.
The credit is not restricted by a donor’s taxable income, and taxpayers do not need to itemize to take the credit. It must, however, be paid to the Club by Dec. 31 to qualify for this year’s taxes.
A list of more than 600 charities for which donations qualify can be seen at azdor.gov under “tax credits.” This credit isn’t refundable, but unused amounts can be carried forward up to five years.To donate to the Boys & Girls Club, send a check or visit at 1435 Hagen Rd., Globe, AZ 85501 or visit our Web site at https://www.clubzona.org/locations/globe.
For more information about the Globe Branch, please call (928)793-3926.
Aimee Staten has worn several hats over the last few years, but she recently put on one of her more familiar caps after four years of working in nonprofits: That of a journalist. She has 14 years of experience in the news business as a reporter with eight of those years as the managing editor of the Eastern Arizona Courier.
