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Wednesday, August 10, 2016

Apply Now for Your 2017 Tax Credit

Dear Parents,


We are pleased to announce details surrounding the GA Tax Credit Scholarship Program. Applications to participate are being accepted now, and we hope you will choose to participate.

This program provides an opportunity for taxpayers to redirect Georgia tax dollars and, in turn, provide financial aid assistance to FSA students. We would greatly appreciate it if you would please apply and choose Fulton Science Academy Private School as your designated school. 

Please also inform your friends, co-workers, and relatives who live in Georgia; they can also participate and help support our school.

How can this tax credit benefit both Fulton Science Academy Private School and myself? 
Under this law, you can redirect a portion of your Georgia income tax to provide financial aid assistance to FSA students based upon need. You will receive a tax credit on your state income taxes and a charitable deduction on your federal incomes taxes for the amount of your contribution. For married couples filing jointly, the maximum tax credit-eligible contribution is $2,500 ($1,000 as an individual).




How do I participate in the program?
It’s easy. All you have to do is complete our easy paperless process, and Apogee will submit the paperwork on your behalf. Apogee will process your approval notice within 30 days. Once the approval notice is received, please send your payment by check or pay online within 60 days of your approval date.

Is there a limit regarding how much I can give each year?
Yes, the amount you can give is limited by your tax filing status:

· Married Filing Jointly: Maximum of $2,500
· Individual Filer: Maximum of $1,000
· Married Filing Separately: Maximum of $1,250
· Individuals who receive pass-through income can contribute up to $10k  
· C-Corporation: Up to 75% of GA tax liability

Can I direct my contribution to help a specific student?
Although we understand why it would be ideal to designate specific recipients, this is not possible. Apogee does not accept donations that are allocated for specific individuals. Donors would lose their ability to receive a charitable contribution, as well as the Georgia tax credit. 

Apogee is a 501c3 non-profit organization and, as such, is bound first and foremost by the rules and regulations governing this special status. As a 501c3, Apogee is not permitted to accept any donations directed to a specific individual. To do so would put Apogee’s non-profit status in jeopardy and, in turn, its SSO status in jeopardy.

Who or what is Apogee?
Apogee Scholarship Fund is a state registered SSO (Student Scholarship Organization) as well as a 501c3 non-profit organization whose primary functions are to facilitate the process of distributing tax credits in exchange for donations and to disburse those funds for private school tuition scholarships. 

"Apogee" (ap-uh-jee) is defined as the highest point (typically of an arc). To this end, Apogee strives to help children reach their highest educational potential.

How do I know what my GA tax liability is?
Your GA tax liability is typically 6% of your Adjusted Gross Income (AGI). You can also look at Line 18 of your GA tax return (Form 500) to learn your GA tax liability.

Why should I give now?
The State has placed a yearly cap on the amount of credit available. That amount is $58 million. That means that every school, every taxpayer, and every corporation in GA is drawing from the exact same pool of credits. 

Once the funds are distributed, interested agencies must wait until the following year to participate in the program. Once funds are deposited, they are immediately available to assist families who want the best educational choice for their children.  

Please note: The yearly cap is generally met on the very first day of January; we expect this trend to continue until the cap is raised beyond the $58 million. For this reason, it is strongly encouraged that you please submit your application as soon as possible to be considered for approval.

Can I reduce my quarterly estimated tax payments by the amount I donate?
This is a great opportunity to write the check to support education instead of paying that portion of estimated taxes. Please ask your accountant to reduce your quarterly estimated tax payment by the amount of your contribution. This will reduce each of your quarterly payments by 25% of the amount you intend to contribute.

What happens if my donation exceeds my tax liability?
The tax credit is a “non-refundable” credit. This means you cannot receive a refund for any more than your GA tax liability. Any excess credit beyond your tax liability can be carried forward for up to five years.

Do I have to include my check with my donation package when mailing to Apogee?
No. Apogee cannot accept payments prior to January 1. Since the vast majority of applications received are early applications, payment should be made after approval has been secured. Payment must be madewithin 60 days of approval.

What is Apogee's Tax ID Number?
FEIN: 26-2693572 

Is this donation a charitable deduction on my Federal return in addition to the credit?
Yes. Because of the 501c3 status, you are eligible to receive a Federal Charitable Deduction for the amount of your contribution. The law does require that you increase your State income by the amount of your Charitable Deduction on your Federal return (donation amount). 

Can Apogee help me understand how this credit will affect my specific tax situation?
Yes. Apogee is well versed in the specifics of how this credit affects most tax scenarios and is happy to offer guidance regarding how this credit is related to your specific tax situation. 

As always, we also suggest that you please consult your personal tax advisor, as they will have the best understanding of your specific tax situation.

How do I get started?
Simply log onto http://www.apogee123.org.

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