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Tax credit deadline approaching for Arizonans

Arizona taxpayers face an upcoming deadline for making donations to claim state tax credits.

The Arizona Republic reports that taxpayers must make their donations and purchases required to claim state tax credits by Dec. 31, in most cases.

The deadline to earn 2011 tax-year credits for donations made to qualifying private-school tuition organizations is April 15.

A tax credit lowers the amount an individual pays in taxes dollar for dollar.

Credits are different from tax deductions.

A deduction decreases the total amount of an individual’s taxable income, so its value depends on which tax bracket the individual falls into.

Arizonans paid $867 million in individual state income taxes and earned $204 million in tax credits for the 2010 tax year.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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