Tag: charitable donations

Which Charitable Contributions are Not Taxable?

Written by Paul Belfiore on November 25, 2022. Posted in Blog, Taxes.

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.

Can a Business Deduct Charitable Contributions on Their Taxes?

Written by Paul Belfiore on October 28, 2022. Posted in Blog, Taxes.

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.

Does a Company Need to Be a 501(c)(3) to Be a Charitable Tax Deduction?

Written by Paul Belfiore on December 11, 2020. Posted in Blog, Taxes.

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.