Tax Credit 2020

For those engaged in the fight against hunger, circumstances almost always seem bleak. Meeting the needs of countless families facing food insecurity is rightly understood to be a virtually impossible task.

So where does the willingness to keep fighting, serving and loving the mission come from? It comes from HOPE.

We believe because of hope.

We take risks because of hope.

We never ever consider the option to quit. Yes, because of hope.

But this kind of hope is far from ordinary. When hope is maintained in the face of insurmountable odds, it becomes audacious.

Some simply accept the realities of food insecurity and choose to place their priorities elsewhere.

Others make the bold decision to face the fight against hunger head-on, dream beyond the barriers and embrace the audacity to hope.

As a friend of the food bank, you are unquestionably among the latter.

We want you to know that Matthew’s Crossing Food Bank will never give up, give in or retreat. Our mission is clear and our resolve is stronger than ever.

The audacity to hope speaks to the very core of who we are: We exist to serve our neighbors in need with compassion, so they can preserve their dignity and have hope for a happier and healthier future.

As we approach the end of the year, we’re asking all our friends of the food bank to choose Matthew’s Crossing Food Bank as the recipient of your tax credit* gift. When giving to a qualified charitable organization, your gift of $400 (filing single) or $800 (filing jointly) gives you a dollar-for-dollar credit* on your Arizona State Tax Return. 

Thank you for your continued generosity as we work to unite our community in the fight against hunger.

*This does not compete with the school or foster care tax credits.

The Arizona Charitable Tax Credit is a dollar-for-dollar tax credit for charitable contributions you give to qualifying 501 (c)(3) non-profit corporations (nonprofits). With Arizona’s Charitable Tax Credit you can receive a state tax credit up to $400 if filing single or $800 if filing a joint return, on your state income taxes.

How does a non-profit qualify for Arizona Charitable Tax Credit?
Matthew’s Crossing Food Bank qualifies as an Arizona Charitable Organization that provides assistance to residents of Arizona who either receive Temporary Assistance of Needy Families (TANF) benefits, are low-income residents of Arizona, or are children who have a chronic illness or physical disability. Starting with the 2013 tax year, taxpayers do not have to itemize deductions to claim a credit for contributions to a Qualifying Charitable Organization or Qualifying Foster Care Charitable Organization.  For 2012 and prior, taxpayers were required to itemize deductions on their Arizona return in order to claim a credit for contributions to a Qualifying Charitable Organization.  (link to AZ Dept of Revenue)

What is the difference between a tax credit and a tax deduction?
A tax credit is significantly more beneficial than a tax deduction. A tax credit reduces your Arizona State taxes, dollar-for-dollar. A tax deduction reduces the taxable income upon which your tax liability is calculated.

Can I take the Arizona Charitable Tax Credit if I take the School Tax Credit?
Yes, they are separate and you are allowed to take advantage of both.

Does the tax credit also apply to my federal income tax return?
No. The amount you donate (up to $400 for a single individual or $800 filing jointly) only qualifies for the Working Poor Tax Credit on your Arizona State tax return. Consult your Tax Advisor for a deduction on your federal tax return. 

Can I qualify for this credit if I donate through a Workplace Giving Program?
Yes. If you donate through a payroll deduction program in your workplace, you qualify for this credit.

What happens if I don’t owe State taxes at the end of the year?
The Arizona Charitable Tax Credit reduces your overall state tax liability and is not impacted by your tax withholdings during the course of the year. If you withheld more than what you owed, the credit will result in an increase in your state tax refund. If you have no Arizona tax liability for the current year, you may carry the tax credit forward for up to five (5) years.

**Winner to be randonly selected on Jan 2nd 2019, winner will be notified via email and phone number (if provided). Winner has one week to pick up tickets from MCFB primary location. Thank you Disney for donating the tickets. 

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