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BizLawyerNate
BizLawyerNate, Attorney
Category: Business Law
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Experience:  7 Years of Legal Experience Representing Small Business Owners
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I am scheduled to travel outside the country for a cardiac

Resolved Question:

I am scheduled to travel outside the country for a cardiac procedure not yet offered in the United States. Fundraisers are being held for me to help defray the huge cost involved. How does that affect us for taxes? I am also on Social Security disability. Can my benefits be affected as a result of the fundraisers? How can I avoid any implications?
Submitted: 5 years ago.
Category: Business Law
Expert:  BizLawyerNate replied 5 years ago.
Thank you for your question.

My assumption is that the procedure you are talking about is quite costly. To avoid any negative tax implications, have those interested in helping you set up a non-profit, with the proceeds going directly to the hospital/doctor conducting the surgery. The hassles involved in setting up a non-profit varies from state to state, but if the amounts are large enough, the extra labor and expense would be worth it to avoid losing 1/3 of whatever is collected in taxes, and to also avoid the negative tax implications on your social security disability benefits. An accountant should be consulted to make sure federal recognition of the non-profit is done properly.

If the money is just given to you, it's considered the same as income, so you want to avoid that prospect at all costs.

I hope this answer helped. Please be sure to click ACCEPT so that I can get credit for my answer!

Nathan Moore
BizLawyerNate, Attorney
Category: Business Law
Satisfied Customers: 10561
Experience: 7 Years of Legal Experience Representing Small Business Owners
BizLawyerNate and 2 other Business Law Specialists are ready to help you
Customer: replied 5 years ago.
We stole from Paul to pay Peter, so to speak, in order to pay the costs of this procedure up front. So the monies will go directly back to us and not to the hospital/doctor performing the procedure.

Who do we contact to create a non-profit? Do you know how long it takes to set one up? Is it expensive?

Debbie :)

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