Looking for a way to get more money back in April or to reduce your tax burden for the year? Tax season doesn’t have to be a scary time. If you live in Arizona, you can increase the amount of refunded money you receive or reduce your tax costs by donating to a School Tuition Organization (STO). If you donate to a certified program, you receive a tax break for charitable contributions. Many people in Arizona take this path and donate to a certified organization like the Lexington Education Foundation, which provides scholarship assistance for students with disabilities. Don’t let tax time get you down. Take these steps to donate and get more back in your pocket while helping Arizona students in need.
Decide What You Can Donate
There are lots of Arizona STOs across the state that you can donate to, like the Lexington Education Foundation. If you decide you want to make a charitable donation, you first need to decide how much you can donate. Personal contributions are limited to $569 for individuals and $1138 for married couples filing jointly for 2019. You can donate the maximum or a portion of the maximum and still receive the tax credit.
Contact A Student Tuition Organization
Once you have decided how much you can donate, you can contact one of the many organizations across the state, such as the Lexington Education Foundation, that create scholarships for students with special needs. They will be able to help you complete the donation process and advise you on how to structure your taxes to receive the tax credit.
Update Your Taxes
Speak with your accountant or with the STO that you make your donation with to make sure your taxes are done properly to receive the credit. You will need to fill out a form 323 in order to make sure you get credit for your donation. It’s not a difficult step and could save you a lot of money in taxes.
Wait For Tax Day To Pass
That’s the whole process! Once you have completed the forms and made your donation, you simply have to wait. If you usually receive a state return, you will receive even more back as a credit. If you usually have to pay taxes, the tax credit will reduce or may even eliminate your state burden. Your Arizona taxes can be easy and be something you look forward to instead of dread.
What Does An STO Do With The Money?
Your tax credit donation might be beneficial to you, but it will be extremely beneficial to students in need. Students with special needs deserve to attend institutions that manage their needs while providing them the best education. An organization like LEF takes your generous donation and creates scholarships for students to attend private schools that ensure students with special needs receive necessary services while receiving a quality education. In addition to a break on your taxes, your donation could literally change a life.
Contact the Lexington Education Foundation today to start the process of donation. You can help change a students life and ease your state taxes for the next year. Donate early to take advantage of tax savings this year.