Maximize Your Impact with the Georgia Fostering Success Act Tax Credit
As the holiday season draws near, many individuals, families and businesses look for ways to give back to the community that not only creates positive change but also offers tax benefits. One valuable opportunity is the Georgia Fostering Success Tax Credit available for contributions to organizations like Bridge Builder Communities. This initiative supports young people transitioning out of the foster care system and provides donors with a direct tax credit. This year, we’ve partnered with Fostering Success Act Inc. (FSA) to guide donors through the application process with white glove service.
Understanding the Donation Credit
The Donation Credit is a state-level tax benefit designed to encourage contributions to organizations that support at-risk youth. Unlike standard deductions that simply reduce taxable income, this credit directly lowers the amount of tax owed, giving you a more immediate reward for your generosity.
How Much Can You Claim
Based on whether you are claiming as a Indiviual, Married Filing Jointly, an S-Cord, LLC or Partnership or claiming from a C-Corp, Trust or Pass Through Entity - you can claim different contributions on the Fostering For Success Act.
How to Claim Your Credit: A Simple Guide
1. Get Pre-Approved Online
Before you donate, you'll need to secure pre-approval. This year we have partnered with Fostering Success Act Inc. (FSA) to take care of the heavy-lifting for you. To start the application process click here
2. Make Your Donation to Bridge Builder Communities
You have two convenient options for contributing:
By Check: If you choose to donate by check, please allow ample time for it to reach us. Be sure to include a note indicating that your contribution is for the “Donation Credit” to facilitate proper processing.
Please send all checks to:
The P.O. Box is 2263,
Evans, GA 30809
Online: For a quicker approach, you can donate directly through the Bridge Builder Communities donation portal and include a note specifying that it's for the “Donation Credit.”
Once you have your pre-approval, you’ll have 60 days to complete your donation. However, please remember that all donations must be made by December 31, 2024.
3. Confirm Your Donation
After your contribution, Bridge Builder Communities will issue you a Donation Credit Confirmation Letter (Georgia Form IT-QFCD-FUND1). When it's time to file your taxes:
Filing by Paper: Don’t forget to fill out the Donation Credit Computation form (Georgia Form IT-QFCD-TP2) and attach it to your tax return.
Filing Electronically: no additional action is required.
Why Your Donation Matters
Your contributions play a crucial role in addressing the needs of youth aging out of the foster care system. Our programs provide these young adults with stable housing, essential life skills training, and the guidance they need as they navigate the transition to independence. By supporting Bridge Builder Communities, you are not just making a financial contribution; you are making a lasting investment in their futures and empowering them to create successful, independent lives.