Do you take advantage of the Arizona Charitable Tax Credit Program? If not, you’re missing out on the opportunity to tell your state tax dollars HOW to impact your community! Donations to qualified charitable organizations qualify for a dollar-for-dollar credit on your state taxes. People often ask “how do I know what my Arizona state liability is for 2022?”
Here are three tips for calculating your state tax liability:
- Call your Tax Accountant and ask if she or he can estimate your taxes based upon what you paid last year.
- Look at last year’s tax statements. If your financial situation and exemptions haven’t changed much, you can estimate this year’s tax liability.
- Consider using a tax calculator*, like the one found here: Income Tax Calculator
Remember, donations to FSL – where we help Arizonans facing issues of hunger, housing, and healthcare – qualify for an Arizona state tax credit of $400 for single filers or $800 for those who are married and filing jointly.
To learn more about the Arizona Charitable Tax Credit Program’s FIVE categories, please read our blog: Know Each Tax Credit Limit!
And if you haven’t yet maximized your tax credit in the Qualifying Charitable Organization category, please consider giving a tax credit gift in support of FSL. Last year, we provided a safe home for over 1,000 Arizonans each night, while serving more than 500,000 pounds of food to needy families through our food pantries.
*Please consult your tax advisor for further information that best fits your tax situation and needs.