Many people have not heard about this charity that supports Arizona military families in need. Not only does this charity exist, the state of Arizona offers taxpayers a dollar-for-dollar reduction in your tax owed.
I have been a tax accountant for many years, and I have never had a return cross my desk where someone has contributed to or taken advantage of this charitable contribution. Several months ago, my son enlisted in the Air Force, and since that time I have become interested in all things military. Having this new found association with the military, I decided to attend an Arizona Military Family Relief Fund meeting. I was impressed by the committee members and their dedication to helping Arizona families in need. Some of the types of assistance this charity offers are for:
Family members of those who were killed in action:
• May request up to six months living expenses and other appropriate expenses as determined by the Arizona Military Family Relief Fund Advisory Committee
Family members of those who were wounded in action:
• May request temporary living expenses while care is being delivered to the qualifying military person
• May request living expenses or other appropriate expenses as determined by the Arizona Military Family Relief Fund Advisory Committee
Families of service members who are experiencing financial hardship:
• May request living expenses or other appropriate expenses as determined by the Arizona Military Family Relief Fund Advisory Committee to resolve financial hardship caused by deployment and assist with transition to financial stability.
How does the credit work if you contribute to the fund? The Fund is administered by the Arizona Department of Veterans’ Services so support will go to Arizona military families in need. It provides taxpayers with an avenue for charitable giving that actually gives the contributor a tax incentive. The credit is the smaller of the donated amount: $200 if single, $400 if married filing jointly, or the amount of the state tax you owe. It is a dollar-for-dollar reduction of your tax. To download a donation form, click on the following link: http://dvs.az.gov/Departments/MFRF/MFRFDontationForm.pdf
For more information, the Arizona Military Family Relief Fund has a website you can view: http://dvs.az.gov/benefits/relief_fund.aspx
You can also “like” them on Facebook: http://www.facebook.com/azmfrf
Don’t miss this opportunity to assist fellow Arizonans who have served our country and are in need while having the added bonus of a tax credit on your Arizona state tax return. Contributions are also deductible on your federal tax return (though not a dollar-for-dollar tax credit on the federal return, only the Arizona State return). This charity has a $1,000,000 cap for refundable tax credits, so it’s best to get your contribution in early during the year. Once they reach $1,000,000 in donations, they return the contributions, and are bombarded during November and December with donations. By getting your donation in early, you are ensured a credit on your tax return.
For more information and to confirm that you indeed qualify for this credit once you donate, please contact your tax advisor for additional assistance.
Yvonne Michelle, MBA