Donations to the Ritton Family Foundation are tax deductible and will be utilized to support the Foundation’s mission of making financial contributions under section 501(c)(3) of the Internal Revenue Code that: (i) provide assistance to the poor, distressed, and underprivileged; (ii) support and defend human and civil rights; (iii) advance education or science; (iv) erect or maintain public buildings, monuments, or works; (v) foster amateur sports competition; or (vi) support the prevention of cruelty and abuse to children.

Every client appreciates an accountant who provides tax insights, particularly ones that help them lower their tax liability.

• Itemized Deductions – Share with your clients the opportunity charitable donations to scholarship organizations present.

• Credits – Share with your clients the opportunity that charitable donations to approved SGOs can present for the both the giver and the recipient. *The Ritton Family Foundation is not an SGO*
  • Here is an excellent overview of every states’ tax credit scholarship program.
    https://www.edchoice.org/school-choice/types-of-school-choice/tax-credit-scholarship/

• Decide– How much tax credit can the taxpayer claim? See prior year’s state income tax return.
• Donate & Document – Keep paperwork related to the donation. Taxpayer(s) should include in their tax file the contribution receipt e-mailed or mailed to their address.
• Deduct – and/or claim credits for the contribution on tax returns. See state tax return schedule of credits and Federal form 1040 schedule A.
• Determine – When should clients calendar their donation for the next tax year?