Individuals may now contribute up to $400 and married couples filing jointly may contribute up to $800. The deadline for contributing has been extended to April 15th or when you pay your taxes, whichever comes first.
Individuals and couples who pay income taxes to the State of Arizona can redirect their hard earned tax dollars to benefit qualifying non-profit organizations throughout the State of Arizona, earning a valuable tax credit.
The Hebrew Free Loan Association of Tucson is a 501(c)(3) non-profit organization and is a Qualifying Charitable Organization. By making your contribution to the Hebrew Free Loan Association of Tucson by April 15th (or when you file your taxes, whichever comes first) you may qualify for a tax credit in the current tax year.
Charitable Tax Credits differ from tax deductions because they are fully tax-refundable. They will either reduce the total personal Arizona state income tax you owe or increase the state income tax refund you receive, dollar-for-dollar. If the total credit earned is greater than the total tax owed this year, the remaining unused credit can be applied to future state tax returns for up to five years.
Please consult your financial advisor or tax preparer to determine if you are eligible for a credit and how you can put your tax dollars to work in this truly meaningful way.
The maximum tax credit you can claim is based on your personal tax situation and whether you file a joint or individual tax return. Please use Code 20483 when taking the tax credit on your income tax return.
Couples filing jointly - $800 maximum
Individual filing - $400 maimimum