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A Tax Credit that Helps the Community: Georgia GOAL

Jordan Sute, CPA and Jennifer New are guests on this episode of the Wiser Roundtable Podcast to talk about the Georgia GOAL program and tax credits that help the community. Jennifer is the Chief Development Officer at Mount Paran Christian School. In her role, she helps bring in additional resources to the school outside of tuition.

Listen on Apple Podcasts or watch on YouTube:

SUMMARY:

What is the Georgia GOAL program?

Any state taxpayer in Georgia can redirect a portion of their state taxes to a student scholarship organization in their state. The money is used to benefit a student for scholarship at an independent school. The funds are directed by the taxpayer, and are funneled through a program like Georgia GOAL and are used to scholarship a student that financially qualifies.

How do I Financially Qualify?

Each independent school can set their own qualifications for general financial aid. When it comes to this tax credit, there are federal set guidelines for qualifications to specifically help low, lower, and middle income families provide a private education to their children. For the Georgia GOAL program, the average income is $40,00-$50,000 per family that qualifies.

How is My Tax Return Impacted?

Education credits are first come, first serve. To apply, you reach out to Georgia GOAL online and tell them how much you would like to apply. Once approved, you give your money to GOAL and send it to the school of your choice, and they will provide a credit form to turn in with your state tax return. You will get a dollar-for-dollar credit on your Georgia tax return, as you are simply redirecting where your taxes are going. So, if you believe in the private school system or would like to use that money to help the community, this a great way to do it.

Tax Credit for Businesses

For S-Corps and LLCs, you can give up to $10,000. This credit can show up on your federal and state tax return. It is an excellent opportunity to save on both your federal and state taxes as a business owner. There are about 20 states currently that have a similar tax program but they vary in their standards. For example, in Florida, the tax credit is only available to Corporations. But across the country, it is becoming a great option for school choice.

Parent Engagement at Schools

Parent engagement is a critical part of success at any school. This scholarship only partially covers the tuition, so parents must be engaged in providing a chunk of the tuition as well. This is unique because since parents, grandparents and the schools are engaged, the whole community is committed to helping that child succeed.

TIMESTAMPS:

1:27 What is the Georgia GOAL program?

2:24 How do I Financially Qualify?

4:17 How is My Tax Return Impacted?

6:30 Tax Credit for Businesses

15:19 Parent Engagement at Schools

LINKS:

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Wiser Wealth Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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