501(c)(3)

/Tag:501(c)(3)

Do I Need a Receipt for Charitable Contribution Less than $250?

By | April 20th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

Question from a client: One of the charities I donate to told me that I don't need a receipt unless I donate $250 in one year...is this true...even if I get audited? Answer: Yes.

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Can I Start a Not-for-Profit to Shield Income?

By | January 20th, 2017|Categories: Small Business Tax and Accounting|Tags: , , |

Starting a not-for-profit just to reduce your tax liability is a bad idea.

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Can I Deduct Donations to a 501(c)(7)? What About a 501(c)(12)?

By | August 1st, 2016|Categories: Small Business Tax and Accounting|Tags: , , , , |

When a person gives money to a tax-exempt organization, the donation may or may not be tax deductible. Here are the basic rules: If the organization is a 501(c)(3), the donation is deductible as a charitable contribution. For other types of 501(c) organizations, the donation is generally not tax deductible, but there are exceptions. Those exceptions mainly apply to businesses.

501(c)(3) vs. 501(c)(4) vs. 501(c)(7), Part 2

By | June 14th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , , , |

In this part, I’ll give the same explanation I give to clients who ask me which status is best for them when they’re trying to start a not-for-profit.

501(c)(3) vs. 501(c)(4) vs. 501(c)(7), Part 1

By | June 8th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , , |

In the last couple of years, I’ve had the chance to help several small not-for-profits that were trying to get off the ground. One of the first questions they have is: can we be a 501(c)(3)?