A Letter to Our Alumni
Tax deduction instructions
Donations by profit seeking enterprises or individuals to public schools may qualify as donations to the government. Attach the original receipts for itemized expenses or deductions for of the current year. The deduction amount is not limited and may be fully deducted from the income tax. However, the amount exceeding the total income for the current year may not be deferred for deduction in a later year. If the Estate and Gift Tax Act is involved, the donation amount is not included into the total amount of the inheritance and gifts. In other words, it is exempted from estate and gift taxes, and the amount of tax exemption is unlimited.