2016 TAX PLANNING OPPORTUNITY
The Alabama Accountability Act was passed in 2013 and permits you to take a direct credit against ½ of your Alabama Income tax.
It costs you nothing to redirect up to ½ of your Alabama Income tax to children in need…and could even save you money on the federal side. Scholarships for Kids is one organization that you can use to take advantage of this opportunity. They provide scholarships to students and families without the financial ability to participate in a private education. When you redirect part of your Alabama income tax liability to this effort, it’s a relatively painless way to impact the quality of education these students will receive.
- Up to 50% of your personal income tax liability may be redirected subject to a maximum of $50,000.
- Your contribution must be reserved and your check mailed to the scholarship organization by December 31, 2016.
The process is easy. Just follow the instructions in the following video:
For more information about Scholarship for Kids, visit www.scholarshipsforkids.org
For more information about the AAA, please contact your accountant at Pearce, Bevill, Leesburg, Moore P.C. www.pearcebevill.com