Have you ever thought about giving back to the community? You’ve worked hard to build your business and somehow feel you should be giving back in some way. There are four great ways to share your success with the world and create win-win situations for yourself and the community. Charitable giving is a great way to network with like-minded people and market yourself. People like to associate themselves with people who share similar values. It’s a great way for people to help each other. You help raise awareness and money for non-profit organizations supporting good causes and in return, you receive publicity and tax write offs. Four Easy Ways to Grow Your Business with Charitable Giving Tithing. Traditionally, tithing refers to donating 10% of your income to the church. However, Read the Rest…
Charitable
Charitable Contributions You Cannot Deduct
It is a common perception of people that any payment made to a charitable organization is deductible from income. However there is a fine line between contributions made for personal cause and contributions made without any personal benefit. IRS has specifically disallowed charitable contributions made for personal benefit. Ignoring these may lead to fines, interests, penalties and tax audit. Be careful about these contributions. Contributions to individuals – there are certain contributions which are treated as personal expenses. a. If you contribute to fraternal societies for paying medical or burial expenses of deceased members, they are not deductible. b. If you make contributions for the relief of a particular individual or family, they are not eligible for deduction. Even if you contribute to a qualified organization, indicating that the contribution Read the Rest…
Charitable Contributions You Cannot Deduct
It is a common perception of people that any payment made to a charitable organization is deductible from income. However there is a fine line between contributions made for personal cause and contributions made without any personal benefit. IRS has specifically disallowed charitable contributions made for personal benefit. Ignoring these may lead to fines, interests, penalties and tax audit. Be careful about these contributions. Contributions to individuals – there are certain contributions which are treated as personal expenses. a. If you contribute to fraternal societies for paying medical or burial expenses of deceased members, they are not deductible. b. If you make contributions for the relief of a particular individual or family, they are not eligible for deduction. Even if you contribute to a qualified organization, indicating that the contribution Read the Rest…
What You Should Know About Charitable Organizations
Article by Mike Selvon To put it in simple terms, an organization is a gathering of people, anywhere from 2 people to tens of thousands of people, that have a common ideal or goal that they work toward. With organizations, many aspects need to be discussed and implemented from the beginning. It also needs to be determined if the business will operate on an explicit (recognized and deliberate) basis or more of an implicit (behind-the-scenes or unrecognized) basis. Normally, members of an organization have some type of image or ideal about how the workings of an organization should go and how things should look when everything is going right, according to the overall mission or goal. Most types of businesses or foundations work towards a common goal and follow several Read the Rest…
