I read with interest, the article that Max Foster wrote in his column regarding "Credit for Kids." We have been doing this for some time, but this year located a way to give up to $875 to the same school or district that is tax-free. There actually is a way to give $1,075 tax-free but $200 of that goes to a charitable organization not the school district.
If you will go to the website: www.gktc.org, you will be able to read all the information plus download the forms necessary for these donations. Of course, it is a little too late for this year, but if one does some preplanning it is something that can be advertised to the community for 2002.
I actually found out about this through our investment counselor in Phoenix and then checked it out thoroughly with our accountant in Scottsdale. We just found out ourselves and barely got it done. This is a very legitimate organization and is on the approved list for the state revenue department as well as the IRS.
When you initially read this information, it appears that the $625 donation must go to a private school. This is not accurate. there is a way (by not designating a private school) that the total from this, in matching funds, will be given to the public school of your choice.
You can also begin a "scholarship" program under the fund-raising goals (first page of form for donation). Example: we are using our 9-month-old grandchild as our "fund-raiser."
This is something that is new and I don't believe a lot of people are aware of the advantages. It reduces your state and federal tax dollar for dollar.
It's a little late for this year but maybe it's something to work towards in the future.
Bruce and Carolyn Wilson, Payson