I’m going to preface this by saying I am not a tax expert and you should always talk to your tax professional for clarification and advice.
Now, having said that, I do want to add some credibility to why I’m writing on this topic. I have been involved with nonprofit organizations for a combined six years and I truly believe that nonprofits are the backbone of this world and have an impact that can’t be matched. I am also a business owner and know the importance of tax write-offs to help my one-woman show come tax time.
Nonprofits like the Olivia Caldwell Foundation rely on grants and donations from generous individuals, businesses and foundations. The beauty of getting to partner with people whose values align with the work we do at OCF, is that the relationship is mutually beneficial.
Donors get to be a part of a movement that combines the good of a community to make a greater impact than any one individual can do alone. The nonprofit is therefore able to work on fulfilling their mission with a team of passionate supporters on their side.
Whether you choose to make a large donation at the end of the year to help your bottom line on taxes or you prefer the consistency of an automatic monthly contribution- donors are putting their hard earned money back into causes that they care about.
When it comes to tax deductible giving to a nonprofit organization there are a few things to take into consideration.
As a business owner, donating either goods, services or money to nonprofit organizations helps in so many ways. Here’s a few:
Talk with your tax professional before you submit your taxes this year and see how your donations from the previous year can be used and make sure to come up with a plan for giving in 2022 to take advantage of the tax benefits.
Resources from Tax Deductible Donations: Rules of Giving to Charity - NerdWallet
10/20/2022 07:03:05 am
It's great that you explained how we'd get tax deductions from donating to a nonprofit, but it'd be important to get the documentation right. I heard that my parents are interested in donating to a charity for the holidays, so I believe your guide could be helpful to them. I appreciate your insight on how we'd get the most out of donating to a nonprofit.
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