Am I able to write off a donation made to a not for profit organization which is newly established but does not have the official "not for profit" status? They are a legitimate fund raising organization which donates any monies raised to other not for profit pet organizations.
2007-01-14 12:09:45 · 5 answers · asked by Chick with pets 4 in Business & Finance ➔ Taxes ➔ United States
No, only donations to qualified charitable organizations are deductible.
2007-01-14 12:14:05 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
not purely is it unlawful...it would want to get the accountant a hefty high-quality and likely barred from commercially filing taxes contained in the destiny. to boot, the idea would not make any sense. A deduction is basically pennies on a dollar. It would not make sense to spend a dollar to save on the most 40 8 cents. Now in case you want a legal suggestion. Take that $500 and purchase some kit which will make you better at your career. you'd be able to offset that hostile to the gross earnings to have a smaller internet earnings. this will also shrink the quantity of self employment tax you should pay. however, this purely works in case you want the kit...it continues to be pennies on the dollar. a much better idea is placed it right into a retirement fund. Now what type of fund is a very distinct question. It relies upon on your problem. desire this helps.
2016-12-02 06:40:53 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Probably not. They have to be registered as a charity in order to have that tax status. I donated money to a school not long ago, it wasn't a write off because of no tax status. Call them and ask if they have a number. Also, the new tax rules for taking donations off your taxes is that you have to have a written receipt from the organization.
2007-01-14 12:15:21 · answer #3 · answered by kny390 6 · 0⤊ 0⤋
Technically, donations made to an organization that has not received the proper designation by the IRS is nondeductible. In practice, the IRS is not going to check every single charitable contribution unless they are auditing you and they are questioning your charitable contributions.
2007-01-14 12:15:17 · answer #4 · answered by jseah114 6 · 0⤊ 0⤋
No, if they don't have an IRS 502(c)3 designation, you can't deduct contributions to them even if they've applied for it.
2007-01-14 13:27:33 · answer #5 · answered by Judy 7 · 0⤊ 0⤋