by David A. Snyder, CPA, Managing Member, David A. Snyder CPA, PLLC
I am David A. Snyder and I have been a CPA for 27 years and a member of the Prescott Sunrise Lions since 2011. We meet at Waffles and More every Thursday at 7 a.m.
Lions Club missions include: sight and hearing, childhood cancer, environment, hunger and diabetes. The Prescott Sunrise Lions has an Arizona tax credit program that has grown every year since inception. This program is called the “charitable organization” tax credit program and for the year 2024 you can contribute up to $938 to the Lions Club if you are married and $470 for all other statuses.
Arizona tax credits are a dollar-for-dollar credit against your tax burden. There are five tax credit programs you can participate in each year, and you can keep the money — you are going to
payout anyway — local instead of paying it to the state.
And you can monitor the nonprofits you give to. For example, if you do some tax planning and determine you owe $1,000 to Arizona, you can contribute $1,000 to the various tax credit programs (each has a limit) by April 15, 2025, and you will not owe anything to Arizona.
If you owe $800 to the state and you contribute $1,000, you will not owe anything and you can carry forward the extra $200 to up to five future tax years and use it the next year.
It’s a no-brainer for those who owe the state. Take advantage of the other Arizona tax credits as well:
1. Arizona military family relief fund allows $400 “married filing jointly” and $200 other statuses. There is a cap on this one of $1 million dollars so this may already be funded for 2024. If it is too late for 2024 please consider this tax credit for 2025.
2. The public schools tax credit, like charter school Tri City Prep, is $400 “married filing jointly” and $200 other statuses. You can contribute until April 15, 2025.
3. Foster care tax credit. CASA for Kids Foundation is an example — $1,173 “married filing jointly” and $587 other statuses. You can contribute until April 15, 2025.
4. School tuition tax credit. Primavera or Sacred Heart are examples — $2,910 “married filing jointly” and $1,459 other statuses. You can contribute until April 15, 2025.
