Arizona State Tax Credit program allows you to make a donation to the McKenna
Youth Foundation (Qualifying Charity Organization) as well as other categories
of Arizona tax credits (Military, Foster, Public and Private Schools) and
receive a dollar-for-dollar credit against Arizona state taxes owed.
Donating to the McKenna Youth Foundation will most likely leave you in a
tax neutral situation, meaning you’ll pay about the same total amount whether
you use the tax credits or just pay the tax; but, by donating you get a say in
how the money is spent. You may contribute up to the amount of your expected
Arizona tax liability to each tax credit category, for the McKenna Youth Foundation,
you may contribute up to $400.000 for a single filer and $800.00 for a joint
filing. If you contribute more than your total state tax amount, the credits
can be carried forward five years. You must make your tax credit donations by
April 15, 2019, for them to apply to the 2018 year. You can find additional
information on the Arizona Dept of Revenue state tax credit page.
Assume you normally pay about $3,000 in total Arizona
state taxes. This year you decide to contribute to organizations eligible for
the tax credit.
Let’s assume you make four tax credits (the Arizona Military Relief Fund Credit
for $400, the McKenna Youth Foundation for $800, the Public School Tax Credit for $400
and the Private School Credit for $1,092) for a total of $2,692.
You get a dollar-for-dollar credit against state taxes owed for $2,692. By donating to tax credit eligible organizations,
now your total state tax liability equals $3,000 less
the credit of $2,692, for $308
of remaining tax liability. Your total dollars paid remains $3,000
whether you use tax credits or not – it’s either $3,000
all paid to the state, or $2,692 paid to tax credit
eligible organizations and $308 paid to the state. If
you had already paid in the full $3,000 in state taxes
during the year, you would get a refund for the $2,692.
Your tax professional can answer additional questions about tax credits and the
forms you need to file with your tax return to get the credit.
Please make a Tax Credit Contribution to the McKenna Youth Foundation and MAKE
A DIFFERENCE IN A CHILD'S LIFE!
THIS DAY WAS MADE POSSIBLE BECAUSE OF GENEROUS DONORS AND DEDICATED VOLUNTEERS, IT IS TRULY AMAZING WHAT CAN BE ACCOMPLISHED WHEN A COMMUNITY COMES TOGETHER!
SPECIAL THANKS TO AUNT CHILADA'S (SQUAW PEAK), SIMONE CHARITIBLE FUND, KLK, WALMART, FBI CITIZENS ACADEMY, LIQUIDATION CENTER, INVENTORY ADJUSTORS, ROWE FAMILY CHARITIBLE FOUNDATION, PHOTOGRAPHER (LINDA REMY), SANTA AND MRS. CLAUS
The McKenna Youth Foundation is a non-profit 501(c)(3) organization (EIN # 86-0758713) and a Arizona Qualifying Charitable Organization (QCO Code 20867)that was founded over 31 years ago by Tony Cerkvenik, Michael Damiani, Terry Dunn, and lots of friends. Our goal is simple: To help disadvantaged children in the Phoenix metropolitan area one child at a time. Every year, we sponsor events with the sole purpose of sustaining our annual holiday party held at Aunt Chilada's Restaurant for families in need. With the help of individuals and corporations alike, the McKenna Youth Foundation has been able to provide food, clothing, books, toys, household items, and bicycles to more then 3100 families and over 10,300 children.
In addition to the annual holiday party, the McKenna Youth Foundation has assisted numerous children by providing food and housing scholarships, sending kids to summer programs and camp, providing back to school clothing and assisting children with medical issues.
Are you ready to help our cause? All donations are tax-deductible and are greatly appreciated, as of February 2017 the McKenna Youth Foundation is a Qualifying Charitable Organization for Arizona State Tax Credit (QCO Code 20867) this means you earn a dollar for dollar state tax credit for up to $400.00 for a single filer and $800.00 if you are a married couple filing a joint return. (The Arizona Charitable Tax Credit is in addition to and completely separate from private school tuition, public school activity and foster care tax credit.) It is never too late to get involved. You can make a difference in a child's life!