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Prepared by Jonathan Kim, CPA – Staff Accountant
The Qualified Education Expense Credit is a popular GA tax credit that lets taxpayers donate to a Student Scholarship Organization (SSO) of their choice, all the while getting a charitable deduction on their Federal return (subject to usual limitations) and a dollar for dollar tax credit on their GA return. In 2018, the credit cap was reached on January 2, 2018, the very day people could begin submitting applications. However, as of May 7, 2018, GA House Bill 217 was signed into law which contains a provision to increase the credit cap to $100 million (previously $58 million) for the next 10 years beginning with the 2019 tax year (reverts back to the old cap in 2029). You may begin submitting applications for the 2019 tax year on January 2, 2019, so be sure to plan ahead to take advantage of this tax saving opportunity.
If you would like to know more, visit dor.georgia.gov or contact your tax professional.
The Tax Cuts and Jobs Act, which was passed last year, brought many tax law changes that are affecting most taxpayers – including employees, retirees, those working in the sharing economy, and anyone with dependents. To avoid a surprise bill in April, the IRS is urging taxpayers to complete a “paycheck checkup”. Doing so will […]
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