Arizona Tax Credit and CARES Act Information

Information on the Arizona Charitable Tax Credit:

Your gift to Make Way for Books may qualify for the Arizona Charitable Tax Credit! Individuals filing their taxes in Arizona may receive a credit of up to $400 and married couples may receive a credit up to $800 on their state taxes. Make sure your gift is postmarked by April 15, 2022 to receive the credit on your 2021 state tax return. To claim the tax credit donation for Make Way for Books, all donors must use the code 20166.

You can take the Charitable Tax Credit in addition to the School Tax Credit and other credits. And you do not have to file an itemized return to take advantage of this credit!

Special tax deduction for 2021*

A special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions. But a temporary law change now permits them to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to qualifying charitable organizations.

Under this provision, individual tax filers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for married individuals filing joint returns.

Cash contributions include those made by check, credit card or debit card as well as amounts incurred by an individual for unreimbursed out-of-pocket expenses in connection with their volunteer services to a qualifying charitable organization. Cash contributions don’t include the value of volunteer services, securities, household items or other property.

*This information is derived from the IRS newsroom. You can find more information about this special tax deduction by clicking here.

Please note: Make Way for Books does not provide advice about the tax or other treatment of gifts. The above information is provided for informational purposes only and is not intended to provide tax, legal, or accounting advice. Please seek guidance from your professional advisor to learn more about how these deductions and credits may impact your personal finances.