As we approach year end, charitable giving is typically front of mind. Did you know the state of Georgia has some great programs to re-direct state income tax dollars to local non-profits and institutions. Two of them include:
Georgia GOAL lets you direct tax dollars to a local school of choice. These funds have to be used for tuition assistance.
https://lnkd.in/dyBvKcNd
The state also allows you to direct tax dollars to qualified law enforcement foundations. The funds will be used to train officers, purchase or maintain equipment or go towards establishing a mental health co-responder program.
https://lnkd.in/dh6RHJ-m
For example, if you are going to pay $1,500 in state income taxes, you can elect to make a $1,500 contribution to your local police foundation and/or school and you will receive a $1,500 credit towards your state tax liability. Applications must be in by 12/31.
This is a great way to contribute directly to your community- for "free." For more year end planning strategies, feel free to reach out to myself or any of my Fox Rothschild colleagues.