We are a small group in Oklahoma with only foster homes, and don't want to go all the way with the costly 501c3. Someone has mentioned a way to have donations tax deductible without it. We would get some more donations from people if they could have it as a deduction. This person said we would be similar to a 501c3 non profit, but we would not be able to get grants.
2007-12-29 16:51:21 · 3 answers · asked by Pet Rescuer 2 in Business & Finance ➔ Taxes ➔ United States
No, 501(c)(3) is the only way for donors to deduct their contributions.
2007-12-29 17:01:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What this person is telling you is wrong. Unless you are a 501(c)3 organization, donors can't deduct their contributions.
2007-12-30 01:14:24 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
No, sorry, there is no other way. The only exception to a formal 501(c)3 is for churches.
2007-12-30 01:28:24 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋