Across America, we still struggle with failing schools, particularly in urban and impoverished areas. One way to help that won’t cost you anything but a moment of your time is voluntarily diverting a portion of your State of Alabama income taxes to Scholarship for Kids, or similar Scholarship Granting Organization (SGO) offered under the Alabama Accountability Act.
The Alabama Accountability Act provides $30 million annually for these scholarships on a first-come, first-serve basis. To qualify for a scholarship, a student must be both attending a failing public school and demonstrate financial need.
You receive a tax credit of up to 50% of your state income tax liability to a maximum of $50,000 per year. Tax credits represent a dollar-for-dollar offset against taxes owed, so it cost you nothing to help a child from a low-income family get a great education.
For a step-by-step guide, visit www.scholarshipsforkids.org.
Follow The Welch Group every Tuesday morning on WBRC Fox 6 for the Money Tuesday segment.
FOX 6 TALKING POINTS
EDUCATION: A Key to Success
- AL Accountability Act funds $30 million in scholarships
- Focus: Children in failing public schools with financial need
- Scholarships at approved schools with strong academic success
- You receive a state income tax credit (50%/$50k limit)
For more information & step-by-step guide: www.scholarshipsforkids.org.
Stewart H. Welch, III, CFP, AEP, is the founder of THE WELCH GROUP, LLC, which specializes in providing fee-only investment management and financial advice to families throughout the United States. He is the author or co-author of six books, including J.K. Lasser’s New Rules for Estate, Retirement and Tax Planning- 6th Edition (John Wiley & Sons, Inc.); THINK Like a Self-Made Millionaire; and 100 Tips for Creating a Champagne Retirement on a Shoestring Budget. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Welch Group, LLC (“Welch”), or any non-investment related content, made reference to directly or indirectly in this article will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. More information about The Welch Group and important Disclosures can be found on our website. Consult your financial advisor before acting on comments in this article.