GASSO
Private school education is expensive. But don't worry, the Georgia Student Scholarship Organization (GASSO) has a program that makes it easier. It's called the GA Tax credit program. Here's how it works: when you give money to GASSO as a donation, the government will give you the same amount of money back as a tax credit.
So, if you donate $1,000 to GASSO, the government will reduce your taxes by $1,000, which means you'll owe less money when it's time to file taxes. You can make a pledge on the GASSO website by logging and creating an account on the link below. This promise is sent to the Georgia Department of Revenue on January 1st. Once it's approved, you have 60 days to send the money to GASSO. The amount will be redirected to the school to cover a portion of your students’ tuition, resulting in affordable tuition for your students’ Islamic education.
It's a way to support students and schools while also getting a financial benefit for yourself. The best part is that anyone who pays taxes in Georgia can join this program, even businesses! Parents and donors can use a portion of their Georgia state taxes to support this program. Depending on your income and how you file your taxes, for example: Here are the maximum amounts you file:
- Maximum Amounts you can file for (though approval is close to 75%)
- Married Filing Jointly ~ $5,000 (you’ll only be approved to pay $3,750)
- LLCs, Partnerships, and S-Corps ~ $25,000 (max approval will be $18,750)
- C - Corps ~ 75% of their tax liability
You can estimate to receive 75% of the applied amount as an approval. The amount then will be paid to GASSO and you will receive the exact amount in your tax returns.
Watch the video here for more details: https://www.youtube.com/watch?v=1BwJW_zIRdk&t=1s
You can also find more information on the GASSO website at: georgiasso.us
Please feel free to contact us for more detailed information 678-624-1157 Or email us at: [email protected]
Here are the required steps:
- Go to the GASSO website and Create an account https://go.georgiasso.com/users/sign_in
- Make a pledge for the upcoming year, and select ILM Academy as the school
- In January, you will receive an approval letter from the GA Dept. of Revenue. You will have 60 days to make the payment.
- Claim the Tax Credit: When you file your Georgia state tax return, report the amount of your contribution to the SSO as a tax credit. This reduces your state tax liability dollar for dollar.
