Investing in education is one of the most impactful ways to create a brighter future. And through contributions to the Faith Islamic Academy Scholarship Foundation, you can make a difference while enjoying tax benefits. Your donation unlocks triple benefits:
Support deserving students: Your contribution helps remove financial barriers and enables them to pursue their academic dreams, fostering future leaders and innovators.
Save on taxes: Enjoy a nonrefundable tax credit of up to $750 (or $1,500 for married couples filing jointly) on your Ohio income tax return. This translates to immediate tax savings, making your generosity even more rewarding.
$0 cost for you: Make a difference without spending a dime! This program re-direct your tax dollars to support a worthy cause, making it essentially cost-free to you.
This is great news! If you have a tax liability with the state of Ohio and make a donation, you can receive a 100% tax credit (dollar for dollar) for your donation. This opportunity allows you to donate funds that would otherwise go to the state of Ohio.
For your convenience, we offer two donation options: donate online or make a check payable to the FIA Scholarship Foundation and mail it to: 152 E Steels Corners Rd, Cuyahoga Falls, OH 44224-4920.
Please note, to receive the tax credit, the donation must be made to the Faith Islamic Academy Scholarship Foundation to receive the credit. Any other donations made directly to the school are not eligible for this credit.
The Ohio SGO tax credit is a program that allows Ohio taxpayers to claim a 100% tax credit for donations they make to certified Scholarship Granting Organizations (SGOs) like Faith Islamic Academy Scholarship Foundation. This means that taxpayers can reduce their Ohio income tax liability by the full amount of their donation, up to a maximum credit of $750 for single filers and $1,500 for married couples filing jointly. In other words, you will receive 100% of your contribution back as a credit when you file your taxes for the year. If you do not have a state tax liability, you will not receive a tax benefit from your donation.
To estimate if you will have a tax liability in the coming year, review your tax liability from the previous year’s State of Ohio tax return (in 2022, this amount would be on Ohio IT 1040, line 8c). After considering whether there have been significant changes to your income this year, reviewing the prior year’s State of Ohio tax return will help to estimate whether you will have a similar liability in the current tax year. It is recommended that you contact your tax preparer with questions.
Tax credits are amounts that directly reduce the tax you owe. For example, if you owe $1,000 in taxes and you have a $500 tax credit, you only have to pay $500. Tax deductions are amounts that reduce your income that is subject to tax. For example, if you have $50,000 in income and you have a $10,000 tax deduction, your taxable income is $40,000. Tax credits are generally more valuable than tax deductions, because they reduce your tax dollar for dollar, while tax deductions only reduce your tax by a percentage of your income. For example, if you are in the 22% tax bracket, a $1,000 tax credit will save you $1,000, while a $1,000 tax deduction will save you $220.
There is no cap on donations to SGOs across the state. Any amount may be donated to the SGO, however, only $750 per individual or entity ($1,500 if married filing jointly) may be claimed as a tax credit on your Ohio income tax return.
Yes, in addition to claiming a state tax credit for your contribution, you can claim a deduction on your federal income tax return.
You can claim the credit on your Ohio individual income tax return (Form IT 1040) for the tax year in which you made the contribution. Click here for more information.
Yes.
For more information about the Ohio SGO tax credit, please visit the Ohio Department of Taxation.
* Please note, this does not constitute income tax advice. Always consult with your tax professional for information on the impact of any charitable contribution.
