Taxes are due Monday, May 17, so, if you have put off filing, there is still time to contribute to area organizations that are qualifying charitable organizations. One of the newest in Gila County is the Globe Homeless Coalition.
Among the Payson groups on the qualifying list: Friends of Rim Country GCC, Inc.; Payson Area Habitat for Humanity, Inc.; Payson Community Kids; Payson Senior Center; Time Out, Inc.; Dueker Ranch; Payson Christian Clinic; Payson Helping Payson; Payson Lions Charitable Foundation; Pine Strawberry Food Bank; Rim Country Hospice Foundation Inc.; Rim Country Rotary Club Foundation; Soroptimist International of Zane Grey Country; U-Turn for Christ – Arizona.
When a taxpayer makes a donation to one of these specially designated groups, they can claim a deduction on their tax return.
To find the complete list of qualifying organizations, visit https://azdor.gov/sites/default/files/CREDITS_2021_qco.pdf.
Taxpayers have until May 17 to contribute to qualified charitable organizations, to claim the tax credits on 2020 individual income tax returns.
Married couples that file jointly can donate up to $800 and apply for the tax credit, taxpayers filing single can donate and claim up to $400. Read complete details at azdor.gov/tax-credits/contributions-qcos-and-qfcos.
According to the Arizona Department of Revenue: “This individual income tax credit is available for contributions to Qualifying Charitable Organizations that provide immediate basic needs to residents of Arizona who receive temporary assistance for needy families (TANF) benefits, are low-income residents of Arizona, or are individuals who have a chronic illness or physical disability. The tax credit is claimed on Form 321.”
Taxpayers must use the specific 5-digit code “QCO Code” to claim the tax credits for contributions to a QCO.
Also, according to the Arizona Department of Revenue, “Effective in 2016, credit eligible contributions made on or before the 15th day of the fourth month following the close of the taxable year may be applied to either the current or the preceding taxable year and are considered to have been made on the last day of that taxable year. Individuals making cash donations made to these charities may claim these tax credits on their Arizona Personal Income Tax returns, using Form 321 and Form 352, which is included with the Arizona income tax return.”