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So, for example, a couple may have itemized deductions of $20,000 and decide that they want to establish a fund with a $50,000 contribution and reap the additional tax deduction.
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:
Charitable donations can help a worthy cause, but your donations may also help your tax bill. Watch Out: The 7 Worst Things You Can Do If You Owe the IRSMore: Owe Money to the IRS? Most People Don ...
501 (c) (3) organization. A 501 (c) (3) organization is a United States corporation, trust, unincorporated association or other type of organization exempt from federal income tax under section 501 (c) (3) of Title 26 of the United States Code. It is one of the 29 types of 501 (c) nonprofit organizations [1] in the US.
Greenpeace USA is a nonprofit 501(c) (4) lobby group that seeks “to change current environmental policies and practices” through “grassroots lobbying for various legislative initiatives.” The Greenpeace Fund is a 501 (c) (3) tax deductible charitable organization that promotes Greenpeace USA's mission to protect the environment. [12]
The amount you can deduct is equal to the value of all cash and property you donate to the organizations or school district programs. Federal tax law lets you use any “reasonable valuation ...