Originally Published: November 8, 2014 6 a.m.
Yavapai CASA for Kids (C for K) Foundation, a nonprofit organization that supports the unmet needs of children in foster care due to abuse and/or neglect, is now qualified for the Arizona Foster Care Charitable Organization Tax Credit Donation, the only organization in Yavapai County to have received this distinction.
While donations to other non-profit organizations may qualify for the Working Poor Charitable Tax Credit up to $400 for married couples filing jointly ($200 for individuals or couples filing singly), qualification for the Arizona Foster Care Charitable Tax Credit of up to $800 for the Yavapai CASA for Kids Foundation allows greater flexibility for those who wish to donate to charitable organizations and still receive a dollar-for-dollar credit against their Arizona State tax obligation.
A married couple may choose to donate $800 to the Yavapai CASA for Kids Foundation, and still be able to donate to the qualified public or private school of their choice and still receive a credit against their Arizona tax obligation for both donations.
If the couple normally supports more than one nonprofit organization in a single tax year, they can now donate $400 to the Yavapai CASA for Kids Foundation and $400 to charitable organizations that qualify for the Working Poor Charitable Tax Credit and receive a credit against their Arizona tax obligation for all donations up to $800. They may also donate to the qualified public or private school of their choice and qualify for tax credit for those donations.
For individuals or couples filing separately, these amounts need to be cut by 50 percent for each tax filer.
You do not need to itemize your donations on your State tax form. If your tax credit exceeds your State tax liability in any year, the excess can be carried forward to future years. In addition, your contribution to CASA for Kids is also allowable on the Federal income tax return as an itemized deduction.
The important fact to remember is that your donation to Qualifying Charitable Tax Credit organizations may actually cost you nothing.
Your Charitable Tax Credit Donation must be made by Dec. 31, to qualify for credit this year. Donations can be made online at www.YavapaiCASAforKids.org or by mailing a check to Yavapai CASA for Kids Foundation, P.O. Box 12457, Prescott, AZ 86304.
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