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Tax Credits Available for Foster Care

| December 30, 2013 | 0 Comments

Arizonans looking for ways to divert some of what they owe the state to other causes have a new option this year: foster care.

But they’re going to have to act fast — as in before midnight Tuesday night. And because of the way the law is worded, they’re going to have to be careful in how they give if they want to get the full benefit of the tax law.

Legislation approved earlier this year gives individuals a dollar-for-dollar tax credit of up to $400 for money donated to what are called “qualifying foster care organizations.” These are organizations that provide services to certain children who meet other qualifications.

The amount of the credit for couples is double that.

In essence, the credit is claimed on the state income tax form: Once a taxpayer computes the state taxes owed, the credit is applied, reducing that person’s tax liability by that amount.

Put another way, the credit costs the taxpayer nothing: It’s either paid to the charity or paid to the state.

SEE FULL ARTICLE HERE!

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