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“It’s worth noting that donations to political action committees and groups designated as 501(c)(4) nonprofit organizations are not tax-deductible,” said Kay Bell, author and tax journalist ...
An organization must meet certain requirements set forth in the code. Some organizations must also file a request with the Internal Revenue Service to gain status as a tax-exempt non-profit charitable organization under section 501(c)(3) of the tax code. A non-exhaustive list of organizations that may meet the Federal requirements are as follows:
Regulations specify which such deductions must be verifiable to be allowed (e.g., receipts for donations of $250 or more). Due to the tax deductions associated with donations, loss of 501(c)(3) status can be highly challenging if not fatal to a charity's continued operation, as many foundations and corporate matching funds do not grant funds to ...
The complication of applying tax codes and the risk of being taken advantage of by paid tax preparation services is diminished with the presence of over 4,000 nation-wide VITA sites. One of the focal points of VITA is raising taxpayer awareness and receipt of the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC).
Grants are federal assistance to individuals, benefits or entitlements. A grant is not used to acquire property or services for the federal government's direct benefit. Grants may also be issued by private non-profit organizations such as foundations, not-for-profit corporations or charitable trusts which are all collectively referred to as ...
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