The IRS Deductions Blog

Posts Tagged ‘nonprofit’

Question: Do I need to file anything to accept donations?

I am running a small political website and would like to place some newspaper ads with the website url. Some people say I need to file with the IRS or the state Secretary of State to do so. What are the regulations, can I just accept non-tax deductible donations and place my ads?

Answer: Yes, you can accept non-tax donations. You will need to apply for non-profit status from IRS. The best way is to incorporate your website in your state first and then obtain a non-profit status from IRS. This will protect your personal assets in case you are later sued.

Items on Amazon Right Now for Political Donations Deductible:

Humane Borders’ new face

Humane Borders is recasting itself as it enters its second decade of putting out water tanks for people crossing the desert in attempts to enter the U.S. illegally. The mission remains the same – keeping its blue water tanks filled.

MRFF – Part 06 of 15 — The Danger of Christian Dominionism — An explosive mix of fanaticism.

Question: Can’t do Roth IRA, can I do non-deductible IRA?

My wife and I have combined income in excess of the Roth IRA limit. Are we allowed to make non-deductible contributions to traditional IRAs? Since we’re both over 50, can we both contribute the maximum of $6000?

Answer: Yes, and it may be a deductible contribution. The Deductible Amount is only limited if your income exceeds certain levels, AND you’re an active participant in a company retirement plan. In other words, if there’s no company plan, you can deduct your contribution at any income level.

Hope that helps.

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DISCLAIMER: While the information in this response was obtained from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. The opinion voiced in this answer is for general information only and it shall not be construed as tax, legal, or investment advice for any individual. Questioners are urged to consult with their professional advisers before making any decisions regarding their finances.

RetirementGuru
CFP® & EA in practice since 1985

Items on Amazon Right Now for Non Deductible Contributions:

Needles in brief – a collection of area events.

NEEDLES – The Needles Chamber of Commerce Morning Mixer will be held at Juicy’s Famous River Café on Friday, March 18, from 7-8 a.m.

Navajo Language Academy Summer Workshops 2007

Question: is a new wood stove a tax deduction?

I live in Ohio and we have newly installed a wood stove in our home as a form of heating that uses a renewable energy source versus the propane furnace we were using…. Is the cost of the new stove a tax deduction federal and state?

Answer: It is not deductible for federal taxes. There are energy tax credits, but a wood stove is not one of them. I dobt that the state would have any tax preference item for a wood stove.

Items on Amazon Right Now for Tax Deduction Sources:

Cabinet OKs corporate tax cut, carbon levy

The government approved tax reform plans Thursday for fiscal 2011 that include a cut of 5 percentage points in the corporate tax and a hike worth about ¥500 billion for individuals, especially high income earners. The tax reform plans, proposed by the Tax Commission and adopted by Cabinet, include an environment tax on carbon emissions to fight global warming, as well as a cut in the aviation …

3 Income Types For Work and Travel

Question: How to Donate to Goodwill??

I’ve never donated to the Goodwill…

I want to drop clothes & stuff off at the local goodwill, it says online it has a donation center, however I read some locations have a drop off fee…

1) Is the Drop Off Fee true??

2) How do you donate stuff you want to Drop Off IN PERSON at the goodwill??

3) Do you have to fill any forms out??

4) Is it tax deductible??

5) How does it work?????

if it makes a difference… it will be a goodwill in Southern California.

Help pls thx!! =)

Answer: In most cases there is a drop off box. It should be free and if it is not then give the cloths to a homeless person directly.

Items on Amazon Right Now for Tax Deductible Donations Forms:

Senior Scene

Ambler Senior Activities Center, 45 Forest Ave., Ambler, presents a variety of activities daily, including fun and fitness, table games, cards, yoga, ballroom dancing, piano lessons, woodcarving, billiards, computers, knitting and crocheting, 8 a.m. to 4 p.m., with lunch served at noon. Wii games 10:30 a.m. Mondays. Call if you can offer an hour a day, weekly or monthly. New aerobic dance class …

History of the Lake Eola Fountain

Question: What is the best way to raise money to start a non profit organization?

I’ve read a lot of the questions but haven’t seen this one here yet, at least not with the answer I am looking for. I know how to start a NPO and what all is involved, but I need money for things such as a lawyer and stuff to file the paperwork with the IRS and court, etc before it is a 501c3.

So, how do I raise enough money for it before it becomes tax deductible? I’ve tried going house to house but most people say no when they hear that I can’t give a tax receipt yet.

Answer: You have to find a sponsor or group of people who are interested in the subject area that your nonprofit will pursue.
And then convince them to invest in your project.

Or else get a second job and raise the money to pay it yourself.

That’s the way everyone does it.

Items on Amazon Right Now for Irs Tax Deductible Organizations:

Every Nonprofit’s Tax Guide: How to Keep Your Tax Exempt Status and Avoid IRS Problems $16.88 There are roughly 1.4 million 501 (c) (3) organizations operating in the U.S. And, according to recent data, the nonprofit sector is growing, with the number of registered public charities having jumped over 30% between May 2000 and May 2006. All of these nonprofits enjoy special privileges not available to other organizations but not without a price each must comply with a set of special rules an…

Stage revival in South Foxboro

The South Foxboro Community Center has roared into the 21st Century with a new look, more drive, and a renewed commitment to the ideals upon which it was formed 83 years ago.

Scientology Goes Country! YEE HAW! It’s All About The Money