Updated: Aug 14, 2021
Hello. This is part two of ways to help you pay for your children being educated at Maricopa Christian Academy. This blog will focus on the Arizona tax credits available to Arizona families.
The Arizona Charitable Tax Credit is an awesome support for charitable and education organizations in the state. The private school part, the Credit for Contributions to Private School Tuition Organizations, is available for parents in Arizona who want the education choice of a private school.
This next paragraph is from Phoenix Children's. The information looks good. It contains basic information on the private school tax credits. This is an excerpt from the site.
CREDIT FOR CONTRIBUTIONS TO PRIVATE SCHOOL TUITION ORGANIZATIONS
The Credit for Contributions to Private School Tuition Organizations, otherwise known as the Private School Tax Credit, is a nonrefundable individual income tax credit for charitable contributions to private school tuition organizations (STOs) that provide educational scholarships to private school students. This credit is only available for individuals (corporations, partnerships, etc., are not eligible). The maximum allowable credit for contributions to private schools is $1,138 for married filing jointly filers, or $569 for single, married filing separately, and heads of household filers. For tax year 2020, the maximum allowable credit will increase to $1,186 for married filing jointly filers, or $593 for single, married filing separately, and heads of household filers. This tax credit is available for cash contributions, and is claimed on Arizona Form 323. Taxpayers can claim charitable contributions to Private School Tuition Organizations made through payroll withholding, and this tax credit has a five year carryover period. Like the Arizona Charitable Tax Credit, the deadline for making a charitable contribution for the 2020 tax year under the Private School Tax Credit is April 15, 2021.
Me again. The Institute for Better Education (IBE) in Tucson is a tax credit organization we have partnered with. I have been a part of the Arizona Christian private education world for nineteen years. I am really impressed with IBE because of their impressive organization supporting parents. The following is a paragraph from their web site describing their work.
Institute for Better Education
The Institute for Better Education (IBE) is a 501(c)(3) nonprofit and nonpartisan organization. We are committed to removing any financial obstacles that stand in a family’s way of providing K-12 education for their children and their unique needs. IBE accomplishes this through the Arizona private school tax credit program. We believe parents are the best resource a child has when determining which school will be the perfect fit for their child. Parents have been able to turn to the Institute for Better Education since 1998 if the right school to fit their child’s needs is not within their financial reach. IBE is honored to play a part in making a real difference in the lives of Arizona children.
Back to me writing. There are over sixty organizations in Arizona similar to IBE. You do not have to use only IBE. You are able to try use as many education tax credit organizations as you are able to. A reminder from part one, you are not able to combine money from the Arizona Empowerment funds with the tax credit monies.
The above information is to provide you as a parent considering our fine school of Maricopa Christian Academy for your children with beginning information on how you can afford an education at Maricopa Christian Academy. Any questions, please contact us.
Peace be to you.