Pledges for 2022 have expired! Pledges for 2023 now being accepted!
If you work or live in Georgia you almost surely pay Georgia state tax, the money you donate through GaSSO will be 100% credited to your Georgia state tax! Make a donation to Augusta Science Academy (ASA) instead of paying that money to the state.
If you pay Georgia state tax (either personal or corporate tax), you can direct some of the money to go to support the ISA Islamic School – Augusta Science Academy.
It is time to pledge for the 2023 tax year. Make your pledge at: (https://www.georgiasso.com). Then when the GA Department of Revenue approves your pledge, you will have 60 days to fund your pledge. Then when you electronically file your 2023 GA Taxes, you get a dollar-for-dollar credit for the money you funded to support the Augusta Science Academy. Every dollar you fund for Augusta Science Academy reduces your GA state Taxes an equal amount. You may get that money as a Tax refund. You may also be able to deduct your donation from your federal taxes.
The maximum amount someone can donate to GaSSO in exchange for a Georgia education expense tax credit is based on Tax filing status:
- Individual: $1,000 ($2,500 in 2023)
- Married Filing Joint: $2,500 ($5,000 in 2023)
- Married Filing Separately: $1,250 ($2,500 in 2023)
- Individuals who receive pass-through income can contribute up to $10,000 ($25,000 in 2023)
- C-Corporation: Up to 75% of GA tax liability
For taxpayers who donate to GaSSO as individuals, married filing separate, or married filing jointly, if your Georgia income tax liability is at least as much as your GaSSO donation, your refund will increase by the amount of your donation. If on the other hand, your state income tax liability is less than the amount of your donation to GaSSO, the amount of the unused credit can be carried forward for up to 5 years.
You can recoup your donation sooner by adjusting your state withholding amount from each paycheck until you recoup your donation amount. Don’t forget to change it back.
We are not tax specialists, but we are willing to answer any questions you may have about this program. Call the Augusta Science Academy at 706-925-5715 or email firstname.lastname@example.org.
On Sunday November 14, 2021, Mr. Dave Neyer President of Georgia Student Scholarship Organization, Inc. (GaSSO) presented information and answered questions about GaSSO. See the video below: