The Homeless Coalition of Cobre Valley received welcome news this week: They are now officially listed among Qualifying Charitable Organizations by the Arizona Department of Revenue. Why is this particularly timely? Taxes are due this month -- and taxpayers have until May 17 to contribute to qualified charitable organizations, and claim the tax credits on 2020 individual income tax returns.
You want to help solve homelessness in our communities? Now’s the opportune time to donate! Married couples who file jointly can donate up to $800 and apply for the tax credit; taxpayers filing as single can donate and claim up to $400. Read complete details at azdor.gov/tax-credits/contributions-qcos-and-qfcos.
According to the Arizona Department of Revenue: “This individual income tax credit is available for contributions to Qualifying Charitable Organizations that provide immediate basic needs to residents of Arizona who receive temporary assistance for needy families (TANF) benefits, are low income residents of Arizona, or are individuals who have a chronic illness or physical disability. The tax credit is claimed on Form 321.”
Taxpayers must use the specific five-digit QCO Code to claim the tax credits for contributions to a QCO.
The Homeless Coalition of Cobre Valley’s QCO Code is 22354, and donations can be mailed to Homeless Coalition of Cobre Valley, 1173 West Live Oak, Miami, AZ 85539. Read more about the coalition at facebook.com/groups/665810803875386 (or just search using keywords ‘Homeless Coalition of Cobre Valley AZ’); and if you have questions please call Barb (928)701-1339, call or text Tim (928)961-3141, or email [email protected]
Also according to the Arizona Department of Revenue: “Effective in 2016, credit eligible contributions made on or before the 15th day of the fourth month following the close of the taxable year may be applied to either the current or the preceding taxable year and are considered to have been made on the last day of that taxable year. Individuals making cash donations made to these charities may claim these tax credits on their Arizona Personal Income Tax returns, using Form 321 and Form 352, which is included with the Arizona income tax return.”