Redirect your Georgia State Income Tax Liability to Assist Students attend Cumberland Academy of Georgia.
Cumberland Academy of Georgia encourages you to become one of our valued GOAL Contributors!
You have likely heard about the Georgia GOAL Scholarship Program (GOAL) and how it helps our school. This incredible and proven opportunity allows Georgia taxpayers to redirect a portion of their state income tax to provide scholarships for eligible students to attend Cumberland Academy of Georgia.
Each calendar year Georgia taxpayers can redirect a portion of their State tax dollars to GOAL and receive a TAX CREDIT on their Georgia income tax return. As long as the $58 million cap has not been met, a married couple can re-direct $2,500 and individuals can re-direct $1,000 for a dollar-for-dollar tax credit. Each owner of LLCs, Partnerships, and S-Corps can re-direct up to $10,000 to GOAL for a tax credit. ►Click here for a list of Pass-Through Entities FAQs. C-Corporations can receive a tax credit up to 75% of their Georgia tax liability for contributions made to GOAL.
GOAL is already accepting tax credit applications for 2016! With the growing popularity of the program and the addition of pass-through entities being able to contribute, the $58 million dollar cap will be reached and even EXCEEDED on January 1, 2016. The Department of Education accepted and approved EVERY application they received on January 1st this past tax year (2015). So, only a portion of the dollars committed through the tax credits forms were approved so that everyone who completed a tax credit form could particpate in the program. Now is the time to get your forms completed and turned in. You won’t have to pay anything until the first quarter of 2016.
The process is simple:
1. Complete Required Forms: Complete the (1) GOAL Tax Credit Form and the (2) Georgia Department of Revenue Qualified Education Expense Credit Preapproval Form (QEE-TP1 form). ►Download and print the 2016 GOAL Tax Credit forms here. After you complete the forms, scan and email, mail, or fax your forms to Valerie Laura, firstname.lastname@example.org, Cumberland Academy of Georgia, 650-A Mt. Vernon Hwy, NE, Atlanta, GA 30328, or (404) 262-0699 (fax).
OR you can complete your forms online. ►Click here for the online, paperless process. Be sure to list Cumberland Academy of Georgia as the designated school in order for Cumberland to receive scholarship funds for eligible students. This is the quickest and easiest way for supporters to reserve their contribution spot for their 2016 tax credit.
2. Receive Approval for Contribution: On January 1, 2016, the GOAL Scholarship Program will mail your 2016 QEE-TP1 Tax Credit form to the Georgia Department of Revenue (DOR). Within 30 days, the DOR will mail you your approved TP1 form, which means your contribution has been approved for payment. Keep this form for tax purposes.
3. Mail Your Contribution Check: Once you receive your approval letter from the DOR, you have 60 days to pay your contribution to the GOAL Scholarship Program. You can mail a check to GOAL or pay by credit card. GOAL’s address is: Georgia GOAL Scholarship Program, Five Concourse Parkway, Suite 200, Atlanta, GA 30328.
4. Claim Your Tax Credit: When you complete your 2016 Georgia income tax return, take the credit of your contribution amount. Your contribution is a dollar-for-dollar tax credit!
5. Claim Your Charitable Deduction: When you complete your 2016 Federal income tax return, claim your charitable deduction for your contribution amount.
For more information about the Georgia GOAL Scholarship Program, please contact Valerie Laura – CFO of Cumberland (404) 262-0404, email@example.com or visit: http://www.goalscholarship.org/.