The Tax Cuts and Jobs Act has now been signed into law and it presents an important potential one-time opportunity for tax savings*. For families who can itemize deductions in 2017 but will not itemize in 2018, any allowable deductions for 2017 can potentially increase your tax savings substantially. Donations to Greyfriars Classical Academy made by December 31, 2017, may help you to save on taxes in ways that will not be possible in 2018. For example:
A family that makes $80,000 in 2017 and has itemized deductions totaling $14,000 would likely not itemize in 2018 (since the standard deduction will increase to $24,000). If this family is able to prepay allowable deductions before the end of 2017, then taxes owed for 2017 could be reduced considerably. Potential strategies for increasing allowable deductions might include prepaying planned 2018 church giving and making additional charitable contributions to qualifying organizations such as Greyfriars Classical Academy. For the hypothetical family above, a gift to Greyfriars of $1,000 could save them $250 in taxes (assuming a 25% tax rate).
As this year comes to a close, we ask you prayerfully to consider making an end-of-year charitable gift to GCA and thus join us in providing this worthy endeavor to the Christian community in the area of Charlotte, NC.
We are committed to giving Christian families an exceptional Christian education during the high school years as well as providing structure and accountability to home educating families for grades K – 8. Please help us with the means for “classically educating hearts and minds for Christ’s Kingdom.”
The Board of GCA
To give for 2017, simply mail your check, postmarked by December 31, 2017, to:
Greyfriars Classical Academy
2701 Rice Road
Matthews, NC 28105
* Greyfriars Classical Academy does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on, for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transactions. Greyfriars Classical Academy is organized as a 501(c)(3) non-profit organization.