If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must do two things: Here are six things you should remember about donations and written acknowledgments: Of course, you also have to make sure the organization you are donating to is qualified. Not every nonprofit can grant you the […]
Tag: Charitable Contributions
The Latest Rules on Charitable Donations
Charitable contributions are deductible, says the IRS, only if you itemize deductions. And further, they are deductible only if you make contributions to qualified charitable organizations. The tax agency reminds us that contributions to individuals are never deductible. Even if you don’t itemize your deductions for federal purposes, you should still track them since you […]
Ultra-Wealthy Donors: Elusive But Worth Your Nonprofit’s Efforts
High-net-worth individuals donated $5.8 billion during the first six months of the COVID-19 pandemic — generous giving by most standards. This is according to a recent report, “Philanthropy and COVID-19 in the first half of 2020,” from the Center for Disaster Philanthropy and information service Candid. However, that $5.8 billion amount is deceptive, because nearly three-quarters of […]
The COVID-19 Relief Law: What’s In It For You?
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct […]