GTMS Life > News April 29, 2021

Why should you contribute through the EITC program?

Why should you contribute through the EITC program?  (Hint: it’s easy and the tax benefit is too good to pass up!) “The EITC program is a great way for Greene Towne parents to support the school and reduce their taxes at the same time.  In most cases, donations through EITC require no net cash out […]

Why should you contribute through the EITC program? 
(Hint: it’s easy and the tax benefit is too good to pass up!)

“The EITC program is a great way for Greene Towne parents to support the school and reduce their taxes at the same time.  In most cases, donations through EITC require no net cash out of pocket, since it allows a dollar for dollar credit on your PA state taxes.   I would highly recommend participating in EITC!” -Kevin Cunningham

Kevin and Larae Cunningham, parents of Maeve ’21 and Bridget ’23 

 

For example, your $5000 gift through EITC (with a 2 tax-year commitment) yields a 90% state tax credit. Give $5000, receive $4500 in PA state tax credit and the $500 balance is an eligible charitable contribution on your federal return. You can contribute an amount up to your annual PA state tax liability. Should you decide to commit to EITC for one tax year, the tax credit will be 75%. 

 

Greene Towne is a 501(c)(3) non-profit school.

 

Want to learn more? 

Contact Bonnie Clark, Director of Development (bclark@gtms.org or 215-563-6368). Kevin Cunningham and I are happy to answer any questions you may have. Also – please check out these linked resources including my recent chat with several GTMS parents/trustees about EITC and how it works for their families. Click here for the Zoom recording of the conversation, including transcripts, to learn more. Parents are also encouraged to consult their tax advisor for guidance.

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