The close of the 2022 calendar year means that many people will be hustling to make charitable donations so they can claim tax deductions on their tax returns.
Tax deductions are great. They reduce the amount of money you are paying tax on. But do you know what is even better than a tax deduction? A tax credit!
It seems like a tax credit is a very complicated thing, but it’s actually very simple. It will cut your tax bill. If you owe $100 in taxes, and you take a $50 tax credit, you will now owe only $50 in taxes. No tricks, no gimmicks.
The best place to get a tax credit is the Jewish Tuition Organization (www. JTOPhoenix.org). Donate to the JTO and the JTO will use that money to give scholarships to children in Jewish day schools including TDSP. They will then give you a tax credit that will reduce your Arizona state tax bill. Just like that.
So, ask yourself this question. Do you enjoy your tax dollars going to a faceless state, and getting lost inside a black hole of bureaucracy? If the answer is no, you don’t enjoy that, then please consider an alternative. Donate to the JTO, and your tax dollars will support precious Jewish children, learning Torah at the schools you hold dear. You will be helping to build our community and reducing your 2022 Arizona tax bill at the same time.
The choice is clear. Go to www.JTOPhoenix.org to donate today, or bring in a check or cash to school and we will make sure that the JTO gets it. It is the best thing you can do with your tax dollars.
For 2022, people filing as individuals can take a maximum credit of $1243, and couples can take a credit of $2483. The deadline to take the credit is April 18, 2023, or when you file your taxes, whichever comes first.
If you have any questions about how a tax credit works, feel free to call us and we will help you out!