When making the decision as to whether or not you should send your child to a public or private school, there are a lot of factors that must be taken into consideration. Of the major deterrents to private education is the cost. However, new laws allow people to make some of their money back when donating to a private education facility. Understanding Arizona private tuition tax credit can help you get some money back from the taxes you pay.
To receive the effects of an Arizona private tuition tax credit, you must first make a donation to a tuition tax credit organization. After you make this donation, you will need to list it on your tax return.
After the state has processed and filed your tax information, the state will then return some of the cash. There is a legal limit to the amount that can be returned to you, so it’s important to research what this limit is prior to making your donation. Waiting to make this donation until it is nearly time to file your taxes will allow for the quickest return on this investment.
For additional information about understanding the Arizona private tuition tax credit, please review the attached video.