Monday, May 18, 2009

Arizona State Tax Credits

Are you a resident of Arizona? Do you have Arizona taxable income? If you answered YES to either of those 2 questions, you may want to consider utilizing the currently available Arizona income tax credits. There are several to consider: credit for solar energy property, credit for fees paid to public schools, credit for contributing to the Arizona Military Family Relief Fund, credit for donations to Private School Tuition Organizations and even a credit for Contributions to Charities that assist the working poor.

Each of these credits have different criteria as to qualifications, dollar limits and potential phase outs for application. This discussion is limited to introducing the availabitily of these credits to those who may be qualified to take advantage but you should consult with your own tax advisor to see if these are beneficial.

Gaylor Tax Services recommends that it's clients take advantage of these credits if they are of interest to you and if they would help reduce your overall tax burden.

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