Questions tagged [charity]
The charity tag has no usage guidance.
82
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Can I start an S-Corp to donate my income to so it doesn't show I earn income while the S-Corp pays taxes ,running biz that is donating to charities
People that get financial help like public assistance or social security, if they get a financial gift from others, or maybe they get lucky and sell one song lyrics, or sell a painting that is a on-...
1
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1
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104
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Can I deduct the % kept by Charity consignment stores?
Imagine I consign items to a charity consignment store. They sell all the items for $100 and send me a check for $60. They are a charity (501C-3) and kept 40% of the sale, so is the 40% Tax deductible?...
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2
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Can a community charitable organization collect donations on behalf of a specific person?
A member of my community passed away and I want to arrange a small crowdfunding page for his widow to help her with immediate expenses until the life insurance and paperwork gets done.
To encourage ...
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2
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325
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How can I be sure that my charities do NOT give aid in the form of money to terrorist organizations or any group that harbors weapons in any form?
I would never have thought of asking this question. The thought never even crossed my mind until I saw an article about this topic. I donate to charities myself and just want to make sure the ...
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3
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How do I value items for charitable deductions?
A US resident donates a used book to a charity. He wants to deduct the value of the book on his tax return. He observes that a very similar book can be bought for $30 at a local used bookstore. The ...
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11
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1
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I gave items to a Charity Shop to sell, and signed up for Gift Aid on the donated items when sold. Should I put this on my Self-Assessment?
I gave items to a Charity Shop to sell, and signed up for Gift Aid on the donated items when sold. This increases the profit to the charity, who send me an annual letter informing me how much Gift Aid ...
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2
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I would like to donate my IRA to a certain charity. Will that charity be able to withdraw the money from the IRA tax free?
I don't want to withdraw and pay taxes on the cash in the IRA for obvious reasons. Hopefully the face value of the IRA will be the amount I can count as a charitable gift, but I'm more concerned with ...
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1
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Tax treatment of large stock payment
I own stock in a previous employer that has just been acquired. I expect to receive a one-time lump sum payment of about one month’s salary, which I expect will be taxed as capital gains.
Every year I ...
3
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2
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635
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If I donate 100 USD to a charity using PayPal Giving Fund, does the charity receive 100 USD?
I have a question about PayPal Giving Fund.
About a year ago, I called them on the phone (I don't remember what number I called, but it was a line intended for donors). I asked the representative this ...
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1
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What's the benefit of giving through the Combined Federal Campaign?
The Combined Federal Campaign, from what I understand, solicits donations from federal employees and distributes them to charities. That's great if they can encourage more giving from their audience (...
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How can I check to see if this is a legitimate charity and how do I send money to them?
Supposedly, if I send money to a specific organization [name redacted to avoid legitimizing it for Google analytics, in case it ends up a scam], that will help feed children who attend a specific ...
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5
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Charity say that donation is matched: how does this work?
I regularly give money to a few charities. Naturally these charities ask me to give again from time to time. In the past few years I noticed more and more often that some charities encourage me to ...
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1
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For evidence of charitable deduction, does the IRS accept a printout of an e-mail or a screenshot of a text?
This is a question about itemized charitable deductions and the evidence that the United States IRS requires.
Although most of my acknowledgments are still via snail mail, I have several ...
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6
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10k
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Is "bank.gov.ua" the official website of the central bank of Ukraine?
Numerous websites have been encouraging people to donate to Ukraine, to their official government, via this website. (Note: ctrl+f "en" to find the English switcher.)
Is this website legit (...
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1
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150
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Will I get tax savings for donating my entire salary as charitable donation this year?
Due to various circumstances I have a huge amount of money stock piled and available to donate to charity this year. I'd like to maximize the amount donated, which means maximizing my tax savings as ...
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4
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Would allowing my company to pay me less in order to donate that money to charity lead to net increase in charitable donations?
To give context for this question I first need to explain that I am lucky enough to make very good salary, and also live like I'm on minimum wage, which allows me to donate a pretty decent percentage ...
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5
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Is it standard to not provide receipts or invoices for donations?
I recently made a donation to a non-profit organizations that performs humanitarian assistance in places of conflict.
Afterwards I remembered that my employer matches my donation up to a particular ...
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How can I gift $41,000 to my friend anonymously? (Australia)
We both live in Australia. I don't want him to know it's from me. But I’m not hiding from the government. I’d prefer the money to go into his bank account so he can see it's real money. I have his ...
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Is there any more efficent way to donate my inherritance from a trust directly to a non profit in the USA?
My grandfather passed away a little while back and apparently I'm one of the people he had listed as a beneficiary in his will. I'm due to inherit a small chunk of change, but I always donate my ...
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3
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What tax benefits do people gain from donating to 501(c)(3)s?
Isn't the tax system progressive, so that your first (rough numbers from memory most likely inaccurate) say, $12000 gets taxed at X%, while your next, say, $8000 gets taxed at Y% (Y>X), and your ...
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4
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How do tax payers have to pay for the tax deductions someone else receives due to a charitable donation?
"A $1,000 donation from a donor in the highest tax bracket costs that donor only $604. The federal government kicks in the remaining $396 in the form of a reduction in taxes", writes Ray D. ...
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Donating to a 501c charity from Australia
I make monthly donations to various open source projects via Open Collective which is a 501(c)(6) organisation.
I live, work and pay tax in Australia.
Are these donations tax deductible in Australia?
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If I donate something to charity can I claim tax back based the price in £ I originally paid for it?
Or can I only get back what the charity can sell it for?
What if they use it rather than sell it ie donating old furniture to a shelter or an old TV assuming I still have the receipt or even bigger ...
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2
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143
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Can I donate investment income to charity without getting taxed
I'm wondering if I can donate stock cash dividends or bond interests to charities and make the donations tax deductible?
Update: sorry I think I phrased my question poorly. What I really wanted to ...
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101
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Easy way to donate a few dollars to charity, manually, every day? [closed]
(I hope this is not off-topic, and apologies if it is)
I'm looking for an easy way to donate a few dollars to charity every day (possibly different amounts, depending on the day).
Requirements:
I ...
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2
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150
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Tips on frugal approaches to donating to charities for averagely well-off
The title says it all really, but to get the discussion going let's imagine the following simplified reality:
Suppose John is 25 years old, lives in the UK, has a very secure job with a take-home ...
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5
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540
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When and how would a company make money by taking $1 out of my paycheck and donating it to charity?
In the US as I understand it, there are corporate tax deductions for charitable giving.
For this or any other reason, would a company with large salary expenditures and positive profits (sometimes) ...
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0
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Are campaign contributions to NON government positions tax deductible?
If someone is running for an elected position on a private university board, and you donate to them, is that a tax-deductible contribution? Or does the "no tax deductions for campaigns" refer to non ...
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183
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What car is appropriate for a fundraiser to drive [closed]
My partner and I are looking at new cars. I am a software developer, she is a fundraiser for a non-profit organization and we share a vehicle to commute work.
Recently we started looking for new ...
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7
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377
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How best to invest high income if looking to eventually maximize charitable donations?
I live in the US (Maryland) and make over 140,000 a year (is it bad that after I hit 6 figures I stopped paying attention to exact salary and so can't recall more accurately then that?). I'm lucky ...
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10
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2
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439
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Donation via text message, does all (or most) of the money go to the charity?
A while ago a signed up via text message to Save the Children £3 per month. I get a message every month saying thank you for donating and £3 is added to my phone bill. But I wonder does the phone ...
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9
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In Germany, how can I maximize the impact of my charitable donations?
I have recently reached a point in my life where I want to start making regular donations to worthwhile charities, but I have no idea which charity is most "deserving" of my money.
I understand that ...
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0
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Donating winning lottery ticket to 501(c)3 Private Foundation: cost-basis deduction + full tax free redemption for foundation?
US 501(c)3 Private Foundations are typically controlled by the primary donator, so that is a nice perk, but in exchange for that perk I realize the tax deductions for donating are significantly ...
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3
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1
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Is there a list of financial assistance programs in Ontario, for the poor but not disabled?
As nobody in my family is disabled, we probably don't qualify for Ontario Disability Support Program. But we're indigent, and I'm downcast to find out only about OESP today! I know about the big ones ...
user40269
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1
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How can I (1) streamline my charitable giving and (2) avoid being pestered by "free gifts" and multiple mailings from the charities I want to support?
I am trying to simplify my life and my financial life, and am making good progress, partly because I am well organized and hate stuff. A few financial areas are defeating me, however.
This one may ...
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3
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1
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Tax deduction for donating to international charity
If one sponsors a child from an impoverished country through a charity like Save the Children international, can this contribution still be considered tax deductible in Australia?
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2
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357
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Is it possible to run a non-profit organization that performs typically for-profit work?
I am based in the US, and I really like the idea of starting a non-profit organization that I can use to do good in charitable areas that I would like to contribute to. Unfortunately, one of my only ...
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3
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Credibly Commit to Charity Matching? [closed]
Edit: Thank you all for your answers, I consider this issue resolved! The answer appears to be that there is no easy or universal platform that enforces charity-matching commitments, but that
...
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1
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Are dual US-Canadian citizens in Canada required to pay US taxes on their donations to Canadian charities?
Suppose Gordon is a Canadian citizen resident who is also a US citizen.
Gordon earns $1,000,000 a year in net income from his Canadian executive job. He pays an overall rate of 40% in taxes.
Gordon ...
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0
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Lowest Transaction Cost for Charitable Donation [duplicate]
I find most charities have a website that allows you to donate via credit card, paypal, or a physical address you can mail checks (if you dig hard enough). Each have their own transaction costs.
...
user47927
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1
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Donations: In need of guidance on filling out a 8283 form
I believe I have this 80% figured out although theres still some grey areas thus far based on researching a variety of tax websites and IRS's official page.
My situation is as follows.
Donating FIVE ...
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2
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737
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How much percent will Wikipedia receive from small donations done via paypal?
Currently Wikipedia is doing a capital campaign in Germany asking for money. I wondered if I should donate via direct debit or paypal and wondered how much percent will Wikipedia (or other non profit ...
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Is A Company Abusing The Tax Code When It Does This, And How Does The IRS Prevent It? [closed]
When answering, please cite specifics. Which section of the tax code deals with this abuse? What cases have been prosecuted?
This SO answer describes an abusive tax scheme involving non-cash assets ...
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2
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7k
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Why do so many NFL (pro football) players have charities?
Besides fulfilling their desire to do good works in their communities and giving being an essential part of being wealthy for many, are there more tangible benefits for NFL players (and professional ...
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4
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5k
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Is it possible to give to charities anonymously?
Several years ago, I gave a small donation of $20 to a charity. Every few months, I've received mailings from them with news about the work they are doing and an encouragement to give more. I've never ...
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Do crowd-sourced charity funds work without a social network?
Someone I know and respect is going through a serious emergency and needs financial help.
He has been very sick for years, and is socially isolated. He only has a couple friends.
I am thinking ...
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4
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2
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209
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Brokerage account for charity
I wanted to mess around with this app called Robbinhood that lets you trade commission free. I decided to demo it for a year before I put any substantial amounts in it.
I put $100 in the account in ...
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1
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Supporting Parents by Paying Monthly Payments Tax Benefits
Each month I pay my parents $300 so they can support themselves. My father still works and so is my mother. They filed a joint return themselves. They DO NOT live with me.
Can I get any tax benefits ...
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3
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How can this be enough to fund a scholarship in perpetuity?
I am trying to understand how funding for scholarhips works. I received this email recently:
Some of you, and your colleagues, knew X, a long-time
member of our Unit, who died recently. We have
...
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1
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Can pretax lottery winnings be donated to charity?
Can pretax lottery winnings be donated to charity in the US simultaneously creating a deduction of the taxable lottery winnings and putting pretax proceeds to a productive cause?
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