Do you know that you can still get 2012 tax credit for donations made up to April 15th? That’s right! One of the reasons that most people struggle with making donations is the amount of time that in-between the donation and receiving credit. We are very lucky in Arizona. Our legislature recognized that and we now can make donations at the beginning of the year just before you file your taxes (and it still counts that donation for the previous year). This changes the donation deadline to April 15th instead of December 31st, or prior to when you file your taxes, whichever comes first. This deadline only applies to Original and Overflow/PLUS (“Switcher”) individual tax credit donations. Everything else, including other kinds of tax credits, are still due by December 31st. If you want to claim your tax credit donation as a Federal deduction, the deadline has passed, December 31st.
- This means that if you donate between January 1st and April 15th, it is up to the donor to choose which year they will claim the donation.
Because of this new deadline, figuring out exactly what you can donate has never been easier! You are able to gather all your income documentation at the beginning of the new year, calculate your exact liability, donate that amount, file your taxes, and receive your tax credit.
- Just think when you are doing your taxes and you have may owe. You could write the check to the state or you could donate to AZ4Education. You get to pick where you money would go. You can donate to us and we could provide a scholarship to a worthy student.
Maybe you already donated for last year, discovered that you have some income tax liability left over when you finished reviewing your taxes. You can still make a donation to AZ4Education and claim it on your 2012 taxes. The maximums allowed are $2006/$1003 for married/single respectively.
You get to have a say in where your funds go!