With the Arizona Working Poor Tax Credit you can receive up to a $200 tax credit for making a simple charitable contribution to one of the 2011 approved organizations!!
How much is the credit for?
Starting in 2006 and continuing in the years following, the maximum credit for charitable contributions made to organizations that help the working poor is $400 for married couples. If you are a married and you file your tax return separately from your spouse, each of you may claim half of the credit that would have been permitted on a joint return. The maximum credit allowed for single taxpayers is $200.
Who can claim this credit?
The Arizona Working Poor Tax Credit may only be claimed by individuals, which includes married couples. However, corporations may not claim this credit and partnerships are not allowed to claim this credit through its partners. In order to receive this credit you must claim the itemized deduction on you Arizona return for the year that the charitable contribution was made.
How do I claim the credit?
If you qualify for the credit, you must report the name of the organization that you contributed as well as the dollar amount of the contribution to the Arizona Department of Revenue on Form 321. Obviously, after you complete the form, you must include it when you file your tax return. If you are filing your own return, you can find Form 321 by following the link. If you are not planning on preparing your own taxes we will be more than happy to be of assistance, our certified team of tax professionals ensure timely and accurate filing of your return.
Please not that you may not claim the charitable contribution as part of the Working Poor Tax Credit and a Arizona deduction. Additionally, you may only claim this tax credit if the contribution was made to a approved charitable organization which can be found below.
If you have questions concerning your taxes or would like us to prepare your taxes for your 2011 return, don’t hesitate to give us a call.