Take Advantage of the Arizona Foster Care Tax Credit
April 15 is swiftly approaching, and if you have not filed your state and federal taxes, it is certainly time to do so. Individuals who have donated to RISE Services, Inc. Arizona Family Services can apply for the Arizona Foster Care Tax Credit with their state income tax. This tax credit is a simple and free way to use your donation to reduce your income tax bill. If you are unfamiliar with this tax credit, keep reading to find out what it is, how to qualify, and how it can benefit Arizona taxpayers.
About the Arizona Foster Care Tax Credit
The Arizona Foster Care Tax Credit is available for any Arizona resident who donates to a qualifying charity, including RISE Services, Inc. Arizona. It is a dollar-for-dollar deduction — if you donate $100, your tax bill is reduced by $100. Individuals are allowed a maximum credit of $526, and couples who file jointly are allowed $1,051.
How to Qualify
There are three requirements when qualifying for the credit:
- All donations can be made by check or online via our website by April 15, 2024.
- You must file tax forms 352 and 301 with your state tax return.
- Be sure to enter the Qualifying Foster Care Charitable Organization (QFCO) code for RISE Services, Inc. Arizona, 11060.
How It Can Benefit Taxpayers
The Arizona Foster Care Tax Credit does more than reduce your state income tax bill. Its other benefits include the following:
- Tax credits for donations made to other charitable organizations are available in addition to the Foster Care Tax Credit.
- If you itemize your RISE Services, Inc. Arizona donation with other 2023 charitable donations, you may be able to reduce your federal income tax bill. Itemized deductions can decrease your taxable income more than the pre-set standard deduction.
Donate to RISE Today
When you donate to RISE, you are helping foster children succeed with the support of caring and compassionate adults. We ensure that 100% of donated funds are used directly to care for the individuals we serve. Contact RISE Arizona to learn more, or donate online now.
