At Goshen Valley, we are always looking for ways to engage our community in supporting foster children and families. One exciting way you can make a significant impact is through Georgia’s Qualified Education Expense Credit (Fostering Success Act)—a program that allows you to contribute to Goshen Valley while also receiving a state tax credit. It’s truly a win-win!
How Does the Tax Credit Work?
The Fostering Success Act enables both businesses and individuals to direct their state tax dollars toward helping foster youth in Georgia. Here’s a quick breakdown:
- Businesses filing as C-corporations can contribute up to 10% of their Georgia state tax liability.
- Individuals can contribute $2,500 if filing as single or head of household, and $5,000 if married filing jointly.
- After July 1, if the yearly cap set by the state hasn’t been reached, taxpayers can contribute any amount to the program.
For 2024, Georgia set a $20 million cap on this tax credit, and it has not yet been fully utilized, making now an excellent time to participate!
Sabre Linahan on the Fostering Success Act
We asked Sabre Linahan, CPA, Partner at Smith + Howard Advisory LLC, a trusted tax professional, to weigh in on this program, and here’s what she had to say:
“The Fostering Success Act is a great opportunity for businesses and individuals with taxes owed in Georgia. Businesses filing as c-corporations in Georgia can contribute up to 10% of their Georgia tax liability. Individuals can contribute $2,500 if filing as single or head of household and $5,000 if married filing jointly. After July 1, if the yearly cap set by the State has not been exhausted, taxpayers can contribute any amount to the program. For 2024, Georgia set a $20 million cap on this tax credit that has not yet been reached.”
“The tax credit guide provided by Goshen walks taxpayers through the process of applying for and claiming the credit. This is a great resource for taxpayers who are looking to participate in this program. I encourage other tax and financial advisors to discuss this credit opportunity with their clients.”
How to Get Involved
To help make this process as easy as possible, we’ve created an informative tax credit booklet that walks you through every step of the way. You can access it on our website https://goshenvalley.org/wp-content/uploads/2024/08/96ecdfb6-d310-4203-841a-69f2640ed3c2.pdf , where you’ll find all the details about how the program works and how you can contribute.
Whether you’re an individual or a business, this program offers a unique opportunity to direct your tax dollars toward a cause that is making a real difference in the lives of foster youth. It’s a simple yet impactful way to give back while also benefiting from a state tax credit.
If you have any questions or need assistance, please don’t hesitate to reach out. We’re here to help guide you through the process. When choosing where to donate through the Fostering Success Act, be sure to look for “The Goshen Valley Foundation” as your organization of choice.
Thank you for being part of the Goshen Valley family and for your continued commitment to helping foster youth thrive!