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Questions tagged [charity]

The tag has no usage guidance.

3
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1answer
66 views

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 ...
2
votes
1answer
54 views

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?
1
vote
2answers
202 views

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 ...
5
votes
3answers
177 views

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 ...
1
vote
1answer
70 views

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 ...
0
votes
0answers
47 views

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. ...
3
votes
1answer
152 views

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 ...
5
votes
2answers
311 views

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 ...
0
votes
1answer
123 views

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 ...
4
votes
2answers
3k views

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 ...
13
votes
4answers
1k views

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 ...
1
vote
1answer
81 views

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 ...
4
votes
2answers
132 views

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 ...
-1
votes
1answer
80 views

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 ...
17
votes
3answers
5k views

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 ...
11
votes
1answer
3k views

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?
3
votes
1answer
75 views

Investing in mutual fund and donating mutual fund assets to charity

I will be making an investment in a mutual fund. I would also like to donate some mutual fund holdings to charity. Since the fund holdings have appreciated in value, I need to make sure that I don't ...
0
votes
1answer
132 views

What is the 'opportunity cost' for delaying charitable donations, and when to grant them?

This question is kind of off topic, but this is the best sight I can find for it, so hopefully your humor me. I'm trying to figure out the optimal way to donate my charitable money, this question ...
1
vote
1answer
143 views

Optimal balence of 401K and charitable savings

I'm trying to figure out the optimal manner to donate the most money to charity. I currently donate all excess income to charity, minus the money I keep for emergencies. Donating to charity is ...
2
votes
0answers
531 views

Can my UK limited company claim tax relief on donations to foreign charities?

I'm English, and run a company that's based in the UK and registered with the UK Companies House. I want to donate some money to charity, but one of the charities I have in mind isn't based in the UK. ...
4
votes
0answers
386 views

Donating to US versus Canadian charities to maximizing tax benefits

I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size? My ...
2
votes
3answers
522 views

How to donate to charity that will make a difference?

I want to donate to countries which have economic difficulties especially Greece. For a start 50 bucks or so. Because I have a large salary and not many expenses. How can I donate to charity in ...
1
vote
1answer
354 views

From a tax perspective, how can a business allow a large portion (80%+) of payments to be given to charity (like Humble Bundle)

To anyone who is unfamiliar with Humble Bundle, they let you purchase games (or other media) and you pay whatever you want. They also let you divide this money up between Humble Bundle, the content ...
3
votes
1answer
300 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
279 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
534 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 ...
12
votes
5answers
7k 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
848 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 ...
20
votes
1answer
446 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
147 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
1k 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
3k 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 ...
21
votes
4answers
14k 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 charity,...
9
votes
1answer
180 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
694 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 ...
7
votes
3answers
7k 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 ...
17
votes
8answers
3k 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 ...
2
votes
2answers
160 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 ...
12
votes
5answers
9k 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, ...
8
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4answers
3k 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 ...
5
votes
4answers
1k 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
1k 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?
22
votes
4answers
11k 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?
8
votes
3answers
423 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.
7
votes
6answers
215 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 ...
5
votes
2answers
3k 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?
5
votes
2answers
543 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?