Monday, 19 December 2022

How Does the Veteran Tax Credit Work?

Did you know that the Census Bureau reports that over 17.5 million people in the United States are veterans? That is 17.5 million people who volunteered to defend our country. It is 17.5 million people who have had to adjust to a whole new life after their service is over. 17.5 million people were there for their country when it needed them most. Programs like Arizona's Military Family Relief Fund exist to honor their commitment by offering tax credits to contributors.

Arizona Military Family Relief Fund

In Arizona, you can receive dollar-for-dollar tax credits for contributing to the Arizona Military Family Relief Fund. Every single dollar you donate to help Arizona's veterans will be matched and credited to your state taxes until the program hits its funding cap. With a funding cap of one million dollars, that is ample opportunity for individuals to help ease their tax burden while assisting veterans and their families.

How to Donate

There are two ways to donate to the Arizona Military Family Relief Fund. The first is online. The Arizona Department of Veteran Services has an easy-to-use link available on its website. It is both easy and convenient for anyone hoping to donate as simply and accessibly as possible. If you would prefer a more traditional approach, you may find yourself waiting. The donation office does not open for paper checks until they receive $800,000 in online donations.

Other Considerations

Before you donate, you should decide if you want to split up your donation or not. If you choose, you may donate half of your contribution to the pre-9/11 fund, and the other half to the post-9/11 fund. In dollar amounts, that means you can contribute up to $200 to one fund, or $100 to each. The choice is entirely yours. Remember, these funds will be used later as tax credits.

Giving Back

The people who give us the most should get back the most. You believe that, or you would not be looking into donating to a veteran's fund. Helping those who contributed the most to our country will always be worthwhile. However, the additional tax credits make the decision easier than ever. If you donate to Arizona's Military Family Relief Fund, you benefit our heroes and you benefit yourself.

Other Tax Credits Available

In addition, there are other categories of tax credits available. You can “stack” these tax credits together depending on how much in total you’d like to donate. You receive a dollar-for-dollar credit in each category up to your tax liability. Each category has its own limits. Catholic Charities is a qualified Foster Care Charitable Tax Credit organization, and you can donate as a single filer up to $500, or jointly up to $1,000. Remember, that anything over and above your state of Arizona tax liability will still be a federal deduction if you donate by end of year.

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