The Arizona Unrestricted Charitable Contribution of Cash is a program that allows individuals and organizations to make financial donations to qualified charitable organizations within the state of Arizona, which can then be deducted from their state taxes. By participating in the Arizona Unrestricted Charitable Contribution of Cash program, individuals and businesses can support a wide range of causes and organizations, such as nonprofits, educational institutions, religious organizations, and other charitable initiatives that are registered in Arizona. One type of Arizona Unrestricted Charitable Contribution of Cash is the Individual Charitable Tax Credit, which allows Arizona taxpayers to receive a dollar-for-dollar credit for their cash donations made to qualifying charities. As of 2021, for individuals, the maximum allowable credit is $400, while for married couples filing jointly, the limit is $800. Another type of contribution is the Corporate Charitable Tax Credit, which provides a similar benefit to eligible businesses that donate to qualified charitable organizations. Businesses can contribute up to $2,213 for single filers and up to $4,425 for married couples filing jointly as a credit on their Arizona state taxes. To be eligible for the Arizona Unrestricted Charitable Contribution of Cash program, the charitable organizations must be registered with the Arizona Department of Revenue and meet certain criteria. These criteria include being a 501(c)(3) organization, having at least 50% of their funds spent on Arizona programs or services, and providing assistance to low-income individuals or families, among other requirements. Contributing to the Arizona Unrestricted Charitable Contribution of Cash program not only allows individuals and businesses to support causes they care about but also provides them with a tax benefit. By reducing their state tax liability through these contributions, individuals and businesses can make a positive impact on the community while enjoying potential tax savings. In summary, the Arizona Unrestricted Charitable Contribution of Cash program offers individuals and businesses the opportunity to make financial contributions to a variety of qualified charitable organizations in Arizona while receiving a tax credit. This program incentivizes philanthropy and encourages charitable giving to further support the needs of the local community.
Arizona Unrestricted Charitable Contribution of Cash
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For the 2021 tax year, you can deduct up to $300 per person rather than per tax return, meaning a married couple filing jointly could deduct up to $600 of donations without having to itemize. The CARES Act eliminated the 60% limit for cash donations to public charities.
For 2020, the charitable limit was $300 per tax unit meaning that those who are married and filing jointly can only get a $300 deduction. For the 2021 tax year, however, those who are married and filing jointly can each take a $300 deduction, for a total of $600.
Usually, individual itemizers are allowed to deduct up to 60% of their adjusted gross incomes (AGI) for cash donations to qualified charities. However, in 2021, they generally can deduct cash contributions equal to 100% of their AGI.
Arizona provides two separate tax credits for individuals who make contributions to charitable organizations: one for donations to Qualifying Charitable Organizations (QCO) and the second for donations to Qualifying Foster Care Charitable Organizations (QFCO).
The Arizona Charitable Tax Credit is a set of two nonrefundable individual income tax credits for charitable contributions to Qualifying Charitable Organizations (QCOs) and Qualifying Foster Care Charitable Organizations (QFCOs).
When you don't itemize your tax deductions, you typically won't get any additional tax savings from donating to charity. However, in 2021, U.S. taxpayers can deduct up to $300 in charitable donations made this year, even if they choose to take the standard deduction.
In Arizona, there are two tax credits for individuals who make contributions to qualified charitable organizations: one for donations to Qualifying Charitable Organizations (QCO) and another for donations to Qualifying Foster Care Charitable Organizations (QFCO).
Expanded tax benefits help individuals and businesses give to charity during 2021; deductions up to $600 available for cash donations by non-itemizers.
Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income. A corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year.
