The Center’s biggest fund raiser is the State Charitable Tax Credit Program. An individual can donate up to $200.00 and a couple up to $400.00 each year. That amount will be deducted from any State Tax you owe. You no longer have to itemize deductions to claim the tax credit.
It’s easy and a win-win situation. You get to decide how your tax dollars are going to be spent, help the Center, and in return pay less State Taxes. The other positive is that this does not compete with the Kid’s Tax Credit Program. You can contribute fully to both thus helping the youth and senior populations of our community. Your donation is also eligible as a deduction on your Federal tax return.
The State of Arizona will credit your tax liability up to $200 for an individual tax payer and up to $400 for a couple filing jointly for your contribution to the Verde Valley Senior Center. The credits can be carried forward up to 5 years for maximum benefit.
Update: Itemizing deductions is no longer required to qualify for the Arizona Tax Credit for Verde Valley Senior Center. This was referred to by the state as Charities That Provide Assistance to the Working Poor. It is now called the CONTRIBUTIONS TO QUALIFYING CHARITABLE ORGANIZATIONS tax credit.
This Tax Credit Program is in addition to the School “Kids” Tax Program. There is more than one Tax Credit Program!
This Tax Credit Program is separate from the “School” Tax Credit publicized by School District. You can donate to either or both and double the amount of credit received. The credit towards your Arizona State Income Tax liability is $400 for a couple and $200 for an individual for EACH of these tax credit programs. Then the actual credit could be $400 for an individual and $800 for a couple filing jointly.
This means your state income tax liability will be reduced by the full amount of your contribution – Dollar for Dollar. (If you have extra credit left over, you can carry it forward for up to five years.) In addition, you may deduct your contribution on Schedule A of your federal income tax return.
(Consult with your tax professional for information about the state’s tax credit program)
Click here to read from the Arizona State website information covering the Credit for Contributions to Qualifying Charitable Organizations.
The Verde Valley Senior Center is the only organization in the area that provides nutrition services to seniors with its “Meals on Wheels” and “Community Lunch” programs. The center serves over 40,000 meals annually with half being delivered directly to the senior’s home.