The Pennsylvania Educational Improvement Tax Credit program allows Pennsylvania businesses (LLC’s, S-Corps, C-Corps, Partnerships) and individuals to reduce their PA state tax liability while at the same time providing need-based scholarships to Politz Yeshiva & Bais Yaakov students.
EITC QUICK FACTS:
90% PA Tax Credit
You will receive a 90% PA tax credit annually for each of two years. You may also qualify for a chartiable deduction on your federal taxes.
That’s all it takes to apply online and do this special mitzvah for a child.
Do I Qualify?
Business Applicants: Businesses of all sizes that pay PA state taxes may qualify to participate, including LLC’s, S-Corps, C-Corps, and Partnerships.
Individual Applicants: Individuals that pay PA state taxes may qualify to participate through a Special Purpose Entity (SPE). To expedite the process, a Special Purpose Entity has been created on behalf of the Foundation for Jewish Day Schools called PEP (Pennsylvania Education Partnership, LLC). These LLC’s serve as a pass-through for tax dollars to the Jewish day school of your choice.
Politz Yeshiva & Bais Yaakov students receive support through these programs. Please partner with us to help send deserving children to Politz Yeshiva & Bais Yaakov.
There is no minimum Pennsylvania annual tax liability or tax credit required of a business participant.
PARNES HAYOM – A DAY OF LEARNING
Parnes Hayom (Daily Sponsor) is an opportunity to dedicate a day of davening and learning at Politz Yeshiva & Bais Yaakov: in honor of a birthday, special event or momentous occasion, in memory of a loved one on or around a Yahrtzeit, or in the merit of a Refuah Shelaima.
The sponsorship of the day will be announced at the beginning of each class by the Rebbe/Morah thereby notifying the students that the z’chus of their learning is in honor of, or in memory of, the individual. In addition, we will publish the sponsorship in our newsletter, Reflections.
Minimum donation is $50.
Please contact Mrs. Miriam Gowar at [email protected] for more information.
LIFE INSURANCE POLICY
A bequest is a sentence in either your will or trust stating the amount you would like to leave to the charity (Politz Yeshiva & Bais Yaakov), identifying an amount, and stating the purpose for which you would like Politz Yeshiva & Bais Yaakov to use the funds.
In this case, you can leave the bequest unrestricted; for example Politz Yeshiva & Bais Yaakov can use the funds where they are most needed, or the bequest can be restricted; for example tuition or new programming.
REQUIRED MINIMUM DISTRIBUTION
This information is important for anyone in your family, or friends of your family,
who have reached the age of 72 and have a traditional IRA.
There is a favorable tax law that allows individuals who have reached age 72 to make qualified charitable distributions directly from their individual retirement plans on a tax-free basis.
The Required Minimum Distributions (RMDs), which must be taken annually and are treated as taxable income, can instead be sent to Politz Yeshiva & Bais Yaakov as a charitable donation and are excluded from gross income.
This method of giving to Politz Yeshiva & Bais Yaakov will allow individual taxpayers who do not itemize deductions on their personal tax returns (and instead just take the standard deduction) to essentially get the benefit of a charitable deduction!
The key requirements are: that the individual is at least 72, has an individual retirement plan (ex. an IRA, but not a 401(k)), has not yet taken the annual RMD, and the distribution must be made directly from the retirement plan to Politz Yeshiva & Bais Yaakov.
Please pass this material on to those you know who have reached this age.
For more information on this mutually beneficial way to help support Politz Yeshiva & Bais Yaakov, please consult your financial advisor or tax professional.