Now that I've made it through college and established myself in my career and financially, I am looking at various investment and donation opportunities. For personal reasons, I do not want to simply make charitable donations to an organization. One thing that does strike my interest is establishing a scholarship and awarding it to a student attending the college that I went to. What are the potential tax benefits of this type of donation? Would it be comparable to simply donating to a recognized charity for tax write-off purposes?
2007-09-14 07:09:56 · 3 answers · asked by fslabrum 1 in Business & Finance ➔ Taxes ➔ United States
You could contact your college and ask about establishing a scholarship. The only problem with doing that is that you give up control of your donation. Your other option would be to establish a scholarship with you as the administrator, but you'd need to register it with the IRS as a non profit 501 (c) (3) organization, and depending on the amount of income it would earn each year it might or might not have to file a 990 tax return. With it being a 501 (c) (3) people who donate to the scholarship would get a charitable contribution deduction on their tax return (provided that they itemize).
2007-09-14 09:19:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They deduct earnings Taxes, Employment coverage, and RRSP. it easily relies upon on how lots you're making a week and the place you will artwork..yet i'm from NB and that's what they take off my pay.
2016-11-15 05:45:05 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Call the college - they might have something set up already to help you do this. Otherwise it can get kind of complicated.
2007-09-14 07:32:07 · answer #3 · answered by Judy 7 · 0⤊ 0⤋