Originally Published: December 31, 2014 6 a.m.
If you haven't already, you'll have to hustle to take advantage of "legal double-dipping."
That's what Linda James, a tax preparer of Prescott's Clark/James, calls Arizona's Contributions to Qualifying Charitable Organizations tax credit.
Those who contribute to a qualifying charitable deduction get a tax credit - $200 for individuals, $400 for couples.
The "double-dipping" part? Taxpayers can also use the contribution as an itemized deduction on federal returns. (But, according to the azdor.gov, "Taxpayers do not have to itemize deductions to claim a credit for contributions.")
For a list of organizations Arizona recognizes for tax credit, go to azdor.gov, click on "tax credit" and then "Qualifying Charitable Organizations."
To take advantage of this tax credit for 2014, donations must be made on or before Dec. 31.
The Arizona Department of Education maintains a list of Arizona district schools and charter schools at www.azed.gov, and you can check the Yavapai County Education Service Agency website for detailed directory information on specific Yavapai County schools at www.ycesa.com.
Many local non-profits also can benefit, including Big Brothers Big Sisters, Agape House, Blankets 4 Kids, Coalition for Compassion and Justice, Four-County Conference on Developmental Disabilities, Life Ministries, Lions Clubs, Neighbor to Neighbor, New Horizons Disability Empowerment Center, Northland Cares, People Who Care, Prescott Area Habitat for Humanity Prescott Area Women's Shelter, Prescott Community Cupboard Food Bank, Prescott Free Clinic, Prescott Meals on Wheels, Prescott Valley Food Bank, Prescott Valley Library Adult Literacy, Stepping Stone, Salvation Army, Western Arizona Council of Governments, Yavapai CASA for Kids, Yavapai Exceptional Industries, Yavapai Food Bank Yavapai Food Council, and more.
The state allows until April 15 for making a scholarship donation to private schools. The maximum amount is $528 for single (and married filing separately) taxpayers and $1,056 for married taxpayers filing jointly.
For more information, see azdor.gov.