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What is a Tax Credit?

There has never been a better time to help your community! As an Arizona taxpayer, you have a unique opportunity to give to Seeds of Hope and have it count dollar-for-dollar toward your
tax liability with a tax credit. Here are some answers to questions you might have.

WHAT IS A TAX CREDIT?
This is a contribution made to a qualifying charitable organization that reduces the amount of tax you owe on your Arizona state tax return dollar-for-dollar.


HOW MUCH CAN I DONATE TO SEEDS OF HOPE?
You can now donate up to $400 if you are filing as a single and up to $800 if you are filing jointly.


WHAT TYPES OF TAX CREDITS ARE THERE?
There are four tax credits - a qualified charitable organization tax credit, public school tax credit, private school tuition tax credit and foster care charitable organization.


CAN I GIVE TO MORE THAN ONE?
Yes! You can give to one or more to maximize your tax credit power. There are different maximum amounts you can donate for each type. For Seeds of Hope, you can donate up to $400 or $800 depending on how you are filing.


CAN I GET A CREDIT FOR DONATIONS MADE THAT EXCEED HOW MUCH I OWE IN TAXES?
No. If your tax liability - the amount of taxes you owe for a given year - is less than your donation, the credit can only be used to reduce your liability to zero.


IF I CLAIM A TAX CREDIT CAN I ALSO WRITE OFF THE DONATION ON MY TAXES?
No. Donations claimed as tax credits cannot also be used to itemize deductions.


WHAT IS THE DEADLINE TO DONATE?
The deadline to give to Seeds of Hope and claim a tax credit on your 2017 taxes is April 15, 2018. There are many places where you can get more information on how to redirect your tax dollars. The above information was taken from www.azcredits.org. You can also learn
more at www.azdor.gov/taxcredits.aspx or talk to a tax professional.

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