Top 10 Reasons People Don’t Use the Tuition Tax Credit And what you can do about it
It does sound a little too good to be true–you can give money to help students attend private schools without really paying a dime? Yes, you can!
It’s actually really simple! Just look at last year’s tax return to find out how much you owed, give that amount to a tuition scholarship organization, then you’ll get it all back in your refund.
Perhaps you aren’t aware of how much you can donate. If you are a single, you can donate the first $500 that you owe in state tax. Couples can donate up to $1,000!
It only takes a few minutes to donate online and fill out the additional one page tax form.
Maybe they haven’t heard that the contribution deadline has been changed from December 31 to April 15, giving another four and a half months to contribute! But don’t wait too long–needy students already enrolled in private schools are depending on timely contributions to scholarship organizations in order to stay in school.
Actually, it saves the state millions of dollars because less is spent on educating a child in a private school.
Donors can give to multiple tax credits (public school, working poor, and private school) and still get the credit as long as it does not exceed their tax liability.
Many of the students at GBA are here because of the sacrifices their parents have made. Sometimes that isn’t enough though; sometimes outside help is needed to keep kids in a Christian school. What a difference it makes for a Christian child to be enrolled in a school that honors God and has a biblical worldview.
Maybe you don’t personally know a student at GBA who needs money. That’s no excuse! Fill out the form and put “needy Gateway Baptist Academy student” in the appropriate spot. There is a scholarship committee that will make sure the money gets to a worthy student.
You can help spread the word by forwarding this email or posting it on your Facebook page and talking to your friends about it!
- Find out how much state tax you owed last year
- Donate that amount (up to the limit) to a school tuition organization
- Fill out AZ form 323 when you do your state taxes
- Cash your refund check to get every dollar back