Many of the orgs I work with associate personally if they are the face of your organization. I don’t know of any nonprofits that associate a business, unless it is the nonprofit arm of that business. I hope this helps 😊
Hello Jeff. I know Canadian registered charities usually issue a tax receipt for GIK, if there is proof of the 'fair market value'. You also cannot receive any other benefit for it though. There are a few other factors, so I would check with the IRS website 😊
Hi Jeff as a former attorney in this field, yes you can get a donation deduction on your corporate or personal taxes. However, you can NOT write off 100% of the goods. I would suggest you speak to a tax professional. You can NOT take the donation and the write-off if I understand your question correctly. And if you donate over $5,000 worth of goods you may need an appraisal or something to show what the goods were worth at market and remember corporate donations are only maxed up to 10% of profits or AGI and you can carry the remainder forward for 5 years. For personal charitable deduction, you can go up to %50 of AGI and carry any remainder forward. Also, the charity can NOT estimate the value of goods on the receipt that is up to you and the IRS may have you justify any discrepancy.
@@CauseSpecialist Hi Jeff as a former attorney in this field, yes you can get a donation deduction on your corporate or personal taxes. However, you can NOT write off 100% of the goods. I would suggest you speak to a tax professional. You can NOT take the donation and the write-off if I understand your question correctly. And if you donate over $5,000 worth of goods you may need an appraisal or something to show what the goods were worth at market and remember corporate donations are only maxed up to 10% of profits or AGI and you can carry the remainder forward for 5 years. For personal charitable deduction, you can go up to %50 of AGI and carry any remainder forward. Also, the charity can NOT estimate the value of goods on the receipt that is up to you and the IRS may have you justify any discrepancy.
@Wayne Montgomery thank you. would you be interested in a with a program that empowers our children to UNPLUG as they learn valuable life skills, earn UNPLUGGED BUKS for healthy after-school activities, food and clothing, and help others while having a zillion-billion tons of fun bringing families, friends and communities together to bee a little GreenER.
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Joanne, great segment, and this was a great guest. I truly learned a lot from him. My students now refer to him as the CIA guy for fundraising 💸.
Should you associate your personal/business with your non-profit? Or completely separate is better?
Many of the orgs I work with associate personally if they are the face of your organization. I don’t know of any nonprofits that associate a business, unless it is the nonprofit arm of that business. I hope this helps 😊
Hello, If we donate goods to a Non-Profit (501 (c)(3)) with a retail value of $9, can we write off the full amount as an In Kind Donation?
Hello Jeff. I know Canadian registered charities usually issue a tax receipt for GIK, if there is proof of the 'fair market value'. You also cannot receive any other benefit for it though. There are a few other factors, so I would check with the IRS website 😊
Hi Jeff as a former attorney in this field, yes you can get a donation deduction on your corporate or personal taxes. However, you can NOT write off 100% of the goods. I would suggest you speak to a tax professional. You can NOT take the donation and the write-off if I understand your question correctly. And if you donate over $5,000 worth of goods you may need an appraisal or something to show what the goods were worth at market and remember corporate donations are only maxed up to 10% of profits or AGI and you can carry the remainder forward for 5 years. For personal charitable deduction, you can go up to %50 of AGI and carry any remainder forward. Also, the charity can NOT estimate the value of goods on the receipt that is up to you and the IRS may have you justify any discrepancy.
@@CauseSpecialist Hi Jeff as a former attorney in this field, yes you can get a donation deduction on your corporate or personal taxes. However, you can NOT write off 100% of the goods. I would suggest you speak to a tax professional. You can NOT take the donation and the write-off if I understand your question correctly. And if you donate over $5,000 worth of goods you may need an appraisal or something to show what the goods were worth at market and remember corporate donations are only maxed up to 10% of profits or AGI and you can carry the remainder forward for 5 years. For personal charitable deduction, you can go up to %50 of AGI and carry any remainder forward. Also, the charity can NOT estimate the value of goods on the receipt that is up to you and the IRS may have you justify any discrepancy.
@Wayne Montgomery thank you. would you be interested in a with a program that empowers our children to UNPLUG as they learn valuable life skills, earn UNPLUGGED BUKS for healthy after-school activities, food and clothing, and help others while having a zillion-billion tons of fun bringing families, friends and communities together to bee a little GreenER.
@@waynecmontgomery I can't wait to have you on as a guest!