Give A Gift & Get A Tax Credit!
Gospel Rescue Mission qualifies for the Arizona Charitable Tax Credit. So, you can decide where your tax dollars go. You can give up to $470 if you file singly, or $938 if filing jointly, and receive a dollar-for-dollar credit against state taxes owed. Our Qualified Charitable Organization code is 20311.
How to claim a Charitable Tax Credit?
In Arizona, taxpayers do not need to itemize deductions to claim a tax credit for qualifying contributions. You can use Arizona Dept. of Revenue Form 321 to report your donation and include it with your state income tax return. Any nonrefundable individual income tax credits must also be totaled on Form 301. Our Qualified Charitable Organization code is 20311. The credit will then be applied to your tax liability, reducing the amount of tax owed.
It’s important to note that tax credits may have certain restrictions and qualifications, so taxpayers should check with the Arizona Department of Revenue or consult a tax professional to understand the specific requirements and limitations of the credit they are claiming. It’s also important to note that credits can be carried forward to future years if the amount of credit exceeds the tax liability in the year it was claimed.
What happens if I want to give more than the allowable amount? Can it qualify for a tax credit?
If you give above your threshold amount (which is different for everyone as it depends on your state tax liability), that amount cannot qualify for the tax credit. However, Gospel Rescue Mission is a 501c3 charitable organization, and all donations are tax-deductible and can be used when filing your federal tax return.
Can I give to more than one charity?
Yes! There are a number of Qualified Charitable Organizations that participate in the tax credit. You may give to one or to multiple charities and every dollar amount, up to $470/$938, depending on how you file, and your liability is eligible for the dollar-for-dollar tax credit.
I give to my child’s school and a Foster Organization. Can I still give to you?
Yes! The beauty of the tax credit is there are multiple types of organizations that qualify, and the amounts vary. You can actually give up to $470/$938 to a QCO (Qualified Charitable Organization) AND give the maximum allowable amount toward private education, public education, and a Qualified Foster Care Organization (QFCO). In Arizona, we get to choose exactly where our taxes go.
How do I know what my tax liability is?
The best way would be to speak with your tax advisor.
When is the deadline to give?
The deadline to give for your current filing year is April 15, 2025 (the day tax filing is due). This allows you to give toward Gospel Rescue Mission and receive a dollar-for-dollar credit against state taxes owed for your current filing year. If, for instance, you are filing your 2024 tax return in the spring of 2025, you may still give for the 2023 tax year against your tax liability and receive a dollar-for-dollar credit against state taxes owed.
Do I have to give a donation in one amount, or can I spread out this donation over the year?
If you are filing your taxes and want that donation to be eligible, you will have to give by the date of filing to be eligible for the tax credit. If you would like your donation to be spread over a year by giving monthly or quarterly, select “Make this a recurring gift” and select the appropriate amount and giving period.
Consult your financial planner or tax professional regarding tax laws.