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3
votes
1answer
81 views

How do donation tax receipts work when I have no taxable income?

I currently refurbish computers as a side volunteering thing, and all refurbished computers go to charity. I will receive tax receipts for these donations. The thing is though, I am still <18 and ...
2
votes
2answers
116 views

Is it inadvisable to leave a Roth IRA to charity upon death?

Short version: I have (for example) $50K of assets in pre-tax accounts, e.g. a traditional IRA, and $50K of assets in my Roth IRA. When I die, I want to leave $70K to charity and $30K to my siblings ...
5
votes
1answer
228 views

Do I need an official receipt to claim a charitable tax credit?

I made a charitable donation in December of last year, and have yet to receive the official tax receipt for tax-return purposes. Contacting the charity, I was told that the receipts had already been ...
2
votes
2answers
95 views

Should I give to charity by check or credit card?

I intend to donate some money to a major charity. I could donate online with a credit card, or by mail with a check. I'd like to choose the method that is less expensive for the charity, so that ...
2
votes
1answer
177 views

How can I donate money to the Canadian federal government?

Lots of governments accept donations from members of the public. For example, I know the government of Ontario accepts donations through the Ontario Opportunities Fund. I also know that the US federal ...
15
votes
1answer
224 views

Is there a benefit to creating a donor advised fund to make charitable donations instead of simply donating to organizations each month?

I'm looking to set up recurring charitable donations to various groups, and I'm considering using a donor-advised fund through Fidelity or Vanguard. General question: Is there a benefit to placing ...
1
vote
2answers
86 views

How can I accept donations for a loved one's health care?

My wife's mother (the "patient", for ease of writing this) has early onset Alzheimer's. The family has spent all of the patient's personal cash paying for medical expenses, and is now asking relatives ...
5
votes
2answers
230 views

Canceling a credit card with recurring/automatic payments

I am canceling a credit card because I am extremely unhappy with the bank. I have several recurring pledges and donations linked to this card. Do I need to contact each organization individually and ...
5
votes
2answers
1k views

What sort of tax treatment does a charitable micro-lending loan incur?

So, a friend of mine has encouraged me to look at Kiva (http://kiva.org) which does microlending and has a big fat legal agreement that says (among other things) 1.3 Tax Deductibility. You ...
13
votes
4answers
4k views

How does giving money to charity save you money on your taxes?

I regularly hear about people giving money to charity to decrease their tax burden in the US. I don't understand the math of this. If I'm being taxed at a 40% rate, then I can give $500,000 to ...
7
votes
1answer
97 views

What types of nonprofit entities can be formed to raise money for someone's benefit?

Our family, along with some friends, have become acquainted with a family in our neighborhood whose young girl has a life-threatening illness. The required treatment is lengthy and expensive, so we ...
9
votes
2answers
312 views

How to properly collect money from corporate sponsors?

I'm involved in a hobby, and I want to collect money from corporate sponsors to run an awareness campaign. I'm getting a marketing strategy together, but before getting too far into it, I realized ...
0
votes
2answers
141 views

Simple escrow service that does refund-to-charity?

I was wondering if there are any simple escrow services out there that will hold a buyers money, and release it to the seller only when the buyer decides that the goods/services have been delivered, ...
6
votes
3answers
2k views

How can I calculate the value of donated clothing for tax purposes?

I have many clothing items that I plan on donating to a local charitable/religious organization. I want to include the value of these items as a charitable deduction on my income tax, but I don't know ...
15
votes
8answers
2k views

How does giving to charity work?

The title of this question is hopelessly vague, but here is what I'd like to know: I've always heard that even if you don't have much money, you should give to charity. It is tax-deductible. I'm ...
1
vote
2answers
150 views

Where on tax return to deduct IRA distributions made directly to charity?

Where on the Federal tax return does one subtract RMD (qualified money) distributions that have gone directly to a qualified charity; the 1099-R form reports the sum of ALL distributions, i.e. regular ...
7
votes
4answers
3k views

Can making a donation reduce your tax bill?

If my adjusted gross income is $1000, and I make a donation of $100, then it seems that I'm still going to have to pay a tax on the $1000. The donation is deductible, so I don't pay any tax on that, ...
4
votes
4answers
2k views

Donating books to charity & claiming a deduction on my income tax: How to value the goods?

I have a large number of books. I tried selling them on Amazon, but they don't cost enough to make up for the shipping. I tried selling them at local book stores, but they barely took any of them ...
4
votes
4answers
370 views

What is the best way to manage your hard earned money?

This is all about money management which we need to do on a periodic basis to have financial freedom. There are many articles which say about this, but in real life I found many people managing it in ...
4
votes
1answer
796 views

Can I claim a UK or foreign charity donation as tax deductible in Canada?

Can I claim a UK charity donation as tax deductible in Canada? More generally, are charitable donations to foreign charities tax deductible in Canada?
16
votes
4answers
4k views

How to donate money anonymously?

I would like to donate some money to a charity, but I would rather they not know who donated it. How could I go about this if cash isn't an option?
7
votes
3answers
357 views

If I volunteer to give back to my community, is there a monetary amount assigned to my time, to act as an Income Tax Deduction?

Is there a value that can be assigned to my time, i.e. an hourly rate, so that I can be given a receipt to remit to CRA come Income Tax Filing time? I live in Canada.
4
votes
6answers
192 views

Are you just shooting yourself in the foot if you give to charities that solicit door to door or over the phone?

It seems like if charities come to the door and you give them money, you just end up with more charities at your door. The same happens with charities that solicit by phone. They obviously share ...
4
votes
2answers
975 views

UK income tax & charitable donations: How much is income tax reduced by donations?

To continue the theme... In the UK, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
3
votes
2answers
421 views

U.S. income tax & charitable donations: How much is income tax reduced by donations?

In the U.S., how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
4
votes
1answer
2k views

Canadian income tax & charitable donations: How much is income tax reduced by donations?

In Canada, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?