The Undie Chest is Approved as a Qualifying Charitable Organization (QCO)!
We are thrilled to share some exciting news with you all!
The Undie Chest has received approval as a Qualifying Charitable Organization (QCO). This milestone opens up new opportunities to make an even greater impact on the communities we serve.
What Does this Mean for You?
Donors contributing to our organization as a QCO can claim a tax credit.
We are happy to announce that starting from January 5th, 2024, all donations to The Undie Chest will be eligible for tax deductions. The list of approved organizations will be published by the end of business hours on Friday, January 5th, 2024.
The AZ credit essentially authorizes taxpayers to allocate their tax funds to charitable organizations whose offerings they deem most beneficial for their local communities instead of channeling funds directly to the state for allocation to various services.
How Can You Claim the Tax Credit?
Once the list of QCO 2024 is published, donors can receive tax credits for their donations to The Undie Chest. This is an incredible opportunity for our supporters to contribute to a cause they believe in and receive a tax benefit for their generosity.
To qualify for the credit on your 2023 tax return, contribute to the Undie Chest before April 15, 2024. When submitting your tax return, incorporate Arizona Form 321 and select the Undie Chest's QCO code 22654.
How Does it Work?
Any donations you make to the Undie Chest throughout the calendar year add up to $400 for single filers or $800 for married couples filing jointly qualify for the tax credit.
If you don't claim credits not claimed in a tax year, you can carry them forward for up to five years. This tax credit is also allowed in addition to the Education and Foster Care Credit, meaning you can contribute to all three up to your total tax liability.
Thank You for Your Continued Support
We want to thank everyone who has supported The Undie Chest. Your generosity has played a crucial role in our journey, and we are excited about the opportunities that lie ahead as we continue our mission to impact the lives of people facing underwear poverty.
Thank you for being an integral part of The Undie Chest family!
We hope you continue to follow us on this journey to restore dignity, foster healthier communities, and reduce our environmental impact through underwear donations.
Warm regards,
Elaine Birks-Mitchell
Executive Director, The Undie Chest, Inc