When Can I Donate?
For a state tax credit, you may donate at any time during the tax year for which you wish to claim the credit OR from January 1st to April 15th of the following year. For a federal tax deduction, you must donate during the tax year for which you wish to take the deduction, making the deadline December 31st each year.
OVERFLOW TAX CREDIT - Good To Know.
The Arizona tax payer must first donate the Original Tax Credit maximum in order to donate any additional amount to the Overflow tax credit.
IF I ALREADY GET A REFUND, WHY WOULD I NEED A TAX CREDIT?
When you have overpaid into your state taxes throughout the year, you receive a refund. A credit is very different from a refund. Dollar-for-dollar, a credit offsets the tax you owe the state. Arizona gives you credit for each dollar you donate up to your state tax liability or the stated maximum, whichever is less. When you take advantage of a tax credit, if you normally get a refund, you’ll get a bigger refund. Likewise, at the end of the year, if you typically owe tax, you’ll owe less or now receive a refund.
IS MY DONATION ELIGIBLE FOR A FEDERAL DEDUCTIOn
We are a federally tax exempt 501(c)(3) charitable organization. For federal tax purposes, any deduction must be claimed for the tax year in which the donation was made; the April 15th deadline does not apply. You should consult your tax advisor for specific tax advice concerning deductibility for your tax situation.