Your gift is an investment in the future of Parkinson and movement disorder communities across the state of Arizona. And now it is going to be returned to you – dollar for dollar in your Arizona taxes.
Q: What is the Arizona Charitable Tax Credit for Donations made to QCOs?
A: The Charitable Tax Credit is a dollar-for-dollar charitable contribution you can give to 501(c)(3) corporations (nonprofits). With Arizona Charitable Tax Credit for donations to QCOs, you can receive a dollar-for-dollar tax credit up to $400 for individuals and up to $800 for married couples filing jointly on your state income taxes while helping homeless become employed.
Q: How do I qualify for and claim the Arizona Charitable Tax Credit for Donations made to QCOs?
A: If you make a cash contribution to PMD Alliance and you file an Arizona state tax return, you may qualify for the tax credit. The tax credit is claimed on Form 321, which is available on the Arizona Department of Revenue’s website.
Q: Can I take the Arizona Charitable Tax Credit for Donations made to QCOs if I take the School Tax Credit?
A: Yes, they are separate credits and you are allowed to take advantage of both.
Q: What is the difference between a tax credit and a tax deduction?
A: A tax credit is significantly more beneficial than a tax deduction. A tax credit reduces your taxes, dollar-for-dollar. A tax deduction reduces the taxable income upon which your tax liability is calculated.
Q: Is PMD Alliance a “qualifying charitable organization?”
A: PMD Alliance is a tax exempt (501)(c)(3) organization.
Q: What is the assigned QCO Code for PMD Alliance?
A: PMD Alliance’s assigned QCO Code is (insert).
(All certified charities are assigned a QCO Code. Donors are required to use this when taking the tax credit on their income tax returns.)
Q: Can I make contributions to more than one QCO?
A: Yes, but the total Arizona Charitable Tax Credit for Donations made to Qualifying Organizations allowed is still $400 per individual or $800 for married couples filing jointly, regardless of the number of organizations you support.
Q: Where can I get more information about the tax credit?
A: You can get more information by visiting the Arizona Department of Revenue website or by calling Taxpayer Assistance at 602.255.3381 or 800.352.4090.
*TAX CIRCUMSTANCES ARE DIFFERENT FOR EVERYONE. PLEASE CONSULT YOUR TAX ADVISOR FOR FURTHER INFORMATION. PMD ALLIANCE IS NOT A TAX ADVISOR.