Tag: charitable donations

Which Charitable Contributions are Not Taxable?

Nashua, NH Resident Looks for Advice

Any charitable donation that offers you something in return as the donating person is not tax-deductible.  This includes money spent on charitable fundraisers where there is a prize, such as a raffle or drawing, is not tax-deductible.  Similarly, a donation that is to purchase a product for your own use, such as cookies, wrapping paper, or another item is not considered a charitable deduction.  When itemizing charitable deductions on your taxes, keep in mind that these donations cannot be from which you have receive an item yourself, including a chance to win something.

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Goffstown, NH Business Owner Looks for Clarification

Only businesses classified as corporations can deduct charitable donations on their business tax return.  These contributions to charity cannot be more than 60% of the adjusted gross income.  Business owners for other types, including sole proprietorships and partnerships, can deduct charitable contributions on their own personal tax return.

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Nashua, NH Resident Has Concerns

A 501(c)(3) organization is one that is recognized by the federal law as a non-profit.  These organizations are recognized by the IRS as being tax-exempt with primary activities being of a charitable nature.  To be able to deduct charitable contributions on your taxes, organizations much fall under section 501(c)(3).  This is also a good way to affirm whether the organization is indeed a charity.

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(603) 429-2009

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