What is a QCO and what that means to you...
The state of Arizona provides the Arizona Charitable Tax Credit to allow taxpayers to make charitable contributions to qualifying organizations, and receive dollar-for-dollar reductions in their Arizona state tax liabilities. We Care Tucson has been certified as a Qualifying Tax Organization. We have been awarded QCO code 22087.
QCO certification is awarded if the organization meets the qualifications and provisions set by the state. Generally, it is a non-profit 501(c)(3) that promises to spend it’s budget on qualified services that help the community and Arizona residents. For a tax-payer to qualify for an Arizona charitable tax credit and receive a dollar-for-dollar reduction, you should:
Donate to a certified QCO.
Maintain a receipt of your gift(s).
Complete Arizona Form 321 when preparing taxes.
Subtract your dollar-for-dollar credit from your tax liability to calculate your individual tax return.
Contributions for the current tax year can be made through April 15, of next year. Maximum contributions are $400 for filing single, or $800 for filing jointly.
DISCLAIMER: This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. No warranty or representation, express or implied, is made by We Care Tucson, nor does We Care Tucson accept any liability with respect to the information provided on our website. You should consult with your professional advisor(s) prior to acting on this information.