We are so grateful to all the individuals who generously support Grace and tax time is a great time to get something back. When you generously support Grace, be sure to take full advantage of the tax benefits!
The Invest in Kids Tax Credit Scholarship program is beginning its second year. The program supports low and middle income families with 50-100% scholarships to private schools, including Grace. You can receive a 75% Illinois tax credit when you designate scholarship donations to Grace at Empower Illinois through the program. Check out more details at www.empowerillinois.org/donors
If you are 70 ½ or older and have a Required Minimum Distribution from your retirement account, talk to your IRA custodian or trustee about how to set up a Qualified Charitable Contribution. This type of contribution goes directly from your IRA to Grace. The donation counts towards your required minimal distribution but does not get included in your gross taxable income. This can be a nice tax benefit, especially if you do not itemize deductions. For an overview of how it works, check out the following article at Forbes. (https://www.forbes.com/sites/bobcarlson/2018/04/13/why-retirees-should-make-charitable-contributions-from-their-iras/#3217e10c6fa1)