Arizona Tax Credits - monheitfrisch.com · QCO Formerly Working Poor Tax Credit ie. Benevilla (AZ...
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2018 Arizona Tax Credits Redirecting your tax dollars Charitable Giving Where do you want your estate to go? Contribution Deadline (for most): April 15, 2019 (for previous tax year) Gary B. Frisch CPA MBA Financial Advisor P. -- F. -- E. [email protected] www.monheitfrisch.com Charitable Gifting Benefits During your lifetime, it reduces taxes as an itemized deduction (or tax credits) If large enough, it becomes part of annual tax planning At death, can reduce estate taxes Give from your heart or as a financial decision Charitable Gifting Options Cash/Check/Credit Card Non-Cash Appreciated and/or Depreciated Property (i.e. Common Stock) Direct IRA Donor Advised Funds Private Family Foundations Charitable Remainder Unitrust (CRUT) Gift Annuities Estate (Life insurance other bequests) Charitable Gifting Methods Cash/Check/Credit Card • Simplest contribution type • Up to 50% of donor’s AGI • Excess contributions can be carried forward up to 5 years • May qualify for Arizona Tax Credits* Non-Cash • Tangible – Household items, cars, etc. • Non-Tangible – Stocks, bonds, etc. • Real Property • Land and generally anything built on • Does not qualify for Arizona Tax Credits For additional information, go to: www.azdor.gov | www.monheitfrisch.com/arizona-tax-credits/ The information in this document does not replace the advice of your independent tax preparer. All situations are different. Please contact your personal tax preparer to determine how the strategies listed here will impact you. * Subject to qualifying organizations and dollar amounts. Total Tax Credits Allowed Single $2,389 Married Filing Joint (MFJ) $4,777 Public School Tax Credit Contribution Limits (AZ Form 322) $200 Single/$400 MFJ Qualifying Charitable Organizations QCO Formerly Working Poor Tax Credit ie. Benevilla (AZ Form 321) $400 Single/$800 MFJ QFCO Foster Care Organization Tax Credit (AZ Form 352) $500 Single/$1,000 MFJ Military Family Relief Fund (AZ Form 340) $200 Single/$400 MFJ Accepts contributions up to a state mandate cap of $1M per year The cap is generally reached in early December but this is not guaranteed. All contribution received after cap is reached are returned. Private School Tuition Tax Credit Original Contribution Limits (AZ Form 323) $555 Single/$1,110 MFJ Overflow/Switcher Contribution Limits (AZ Form 348) $552 Single/$1,103 MFJ Total Contribution Limits $1,107 Single/$2,213 MFJ
Transcript of Arizona Tax Credits - monheitfrisch.com · QCO Formerly Working Poor Tax Credit ie. Benevilla (AZ...
2018Arizona Tax CreditsRedirecting your tax dollars
Charitable GivingWhere do you want your estate to go?
Contribution Deadline (for most):April 15, 2019 (for previous tax year)
Gary B. Frisch CPA MBAFinancial Advisor
P. ���-���-����F. ���-���-����E. [email protected]
Charitable Gifting Benefits
During your lifetime, it reducestaxes as an itemized deduction(or tax credits)
If large enough, it becomes partof annual tax planning
At death, can reduce estate taxes
Give from your heart or as afinancial decision
Charitable Gifting Options
Cash/Check/Credit CardNon-CashAppreciated and/or DepreciatedProperty (i.e. Common Stock)Direct IRADonor Advised FundsPrivate Family FoundationsCharitable Remainder Unitrust (CRUT)Gift AnnuitiesEstate (Life insurance other bequests)
Charitable Gifting Methods
Cash/Check/Credit Card • Simplest contribution type • Up to 50% of donor’s AGI • Excess contributions can be carried forward up to 5 years • May qualify for Arizona Tax Credits*Non-Cash • Tangible – Household items, cars, etc. • Non-Tangible – Stocks, bonds, etc. • Real Property • Land and generally anything built on • Does not qualify for Arizona Tax Credits
For additional information, go to: www.azdor.gov | www.monheitfrisch.com/arizona-tax-credits/
The information in this document does not replace the advice of your independent tax preparer. All situations are different. Please contactyour personal tax preparer to determine how the strategies listed here will impact you.
* Subject to qualifying organizations and dollar amounts.
Total Tax Credits Allowed
Single $2,389Marr ied Fi l ing Joint (MFJ) $4,777
Public School Tax Credit
Contr ibution Limits(AZ Form 322)$200 Single/$400 MFJ
Qualifying Charitable Organizations
QCOFormerly Working Poor Tax Creditie. Benevil la (AZ Form 321)$400 Single/$800 MFJ
QFCOFoster Care Organization Tax Credit(AZ Form 352)$500 Single/$1,000 MFJ
Military Family Relief Fund
(AZ Form 340)$200 Single/$400 MFJ
Accepts contr ibutions up to a statemandate cap of $1M per year
The cap is generally reached in earlyDecember but this is not guaranteed.All contr ibution received after cap isreached are returned.
Private School Tuition Tax Credit
Original Contr ibution Limits(AZ Form 323)$555 Single/$1,110 MFJ
Overflow/SwitcherContr ibution Limits (AZ Form 348)$552 Single/$1,103 MFJ
Total Contr ibution Limits$1,107 Single/$2,213 MFJ
Deductible As Charitable Contributions
Not Deductible As Charitable Contributions
Examples of Charitable Contributions*
A quick check
ReferencesQualifying Charitable Organizations for 2018https://azdor.gov/sites/default/fi les/media/CREDITS_2018_qco.pdf
Qualifying Foster Care Charitable Organizations for 2018https://azdor.gov/sites/default/fi les/media/CREDITS_2018_qfco.pdf
School Tuition Organizations Certif ied to receive donations for the Individual Income Tax Credits for 2018https://azdor.gov/sites/default/fi les/media/REPORTS_2018_sto-i- l ist.pdf
Public School Tax Credits for 2018http://ade.az.gov/edd/
Military Family Relief Fund for 2018https://dvs.az.gov/mfrf
General Arizona Department of Revenue Tax Credit Informationhttps://azdor.gov/tax-credits
Churches, synagogues, temples, mosques,and other religious organizations Federal, state, and local governments,if your contribution is solely for publicpurposes (for example, a gift to reduce thepublic debt or maintain a public park) Nonprofit schools and hospitals The Salvation Army, American Red Cross,CARE, Goodwill Industr ies, United Way,Boy Scouts of America, Gir l Scouts ofAmerica, Boys and Girls Clubs of America,etc. War veterans' groups
Expenses paid for a student l iving with you,sponsored by a qualif ied organization
Out-of-pocket expenses when you serve aqualif ied organization as a volunteer
Money or property you give to:Money or property you give to:
* From IRS Publication 526, Table 1.
Civic leagues, social and sports clubs, laborunions, and chambers of commerce Foreign organizations (except certain Canadian, Israeli, and Mexican charities) Groups that are run for personal profit
Groups whose purpose is to lobby for lawchanges Homeowners' associations Individuals Political groups or candidates for public office
Cost of raffle, bingo, or lottery tickets
Dues, fees, or bil ls paid to country clubs,lodges, fraternal orders, or similar groups
Tuition
Value of your time or services
Value of blood given to a blood bank
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