AZ Tax Credit
The State of Arizona allows its residents to donate up to $400 per year per household to public schools and claim it as a tax credit (this includes charter schools, as they are a form of public schools)*. A tax credit is, in effect, a full refund of your money. Tax credites differ from tax deductions because a tax credit lowers the actual amount of taxes you owe, versus lowering the amount of your taxable income. For example, if your Arizona tax bill was $1,500 and you donated $400 to BFCS, your entire tax bill is now lowered to $1,100. You can visit Arizona's Department of Revenue's website for more information on Tax Credits, or read through this PDF going into more details about School Tax Credits (Pub 707).
*Up to $200 (individual) or $400 (married, filing jointly) per year per household may be donated and claimed as a tax credit.
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