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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hi, My name Vlad. I am the executive of the young non-profit

Resolved Question:

Hi,
My name Vlad. I am the executive of the young non-profit organization for immigrant youth. My question is: Is it reasonable to think towards development of financial support of our organization through charities from Hi-tech companies which have Executives of the same origin like us. In other words, if we would be able to convince them, are there financial incentives that could motivate them for charities (such as tax-deductibility of the charitable gifts or else; the idea is that by lowering their profit by a certain amount to charities, they put themselves in a lower tax bracket)
Thank you,
Vlad
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

Hello Customer,

 

If your organization is a 501(c)(3) chartable organization, then donations made to you by individuals or firms may be deducted from their taxable income, which would reduce the taxes they owe.

 

If you are not a 501(c)(3) organization and you are simply a non profit organization but not recognized as a qualified charity, then donations made to your organization would not be deductible by the donor.

 

 

Thank you Customer

 

 

Customer: replied 7 years ago.
Yes, our organization is a 501(c)(3) chartable organization. In real business world, is it financialy benefitial for hi-teck companies to provide charities for us in the case of lowering of their tax bracket?
Expert:  Merlo replied 7 years ago.

Hello again Customer,

 

If a firm makes a donation to your organization, they may deduct the amount of their donation to lower their taxable income for the year. It may not actually put them in a lower tax bracket, but it would still reduce the amount of taxes they owe for the year because it would reduce the amount of their taxable income by the amount of the donation that was made.

 

 

Thank you Customer

 

 

Customer: replied 7 years ago.

Thank you,
Based on your so many years experience, hi-tech companies or corporation would be interested to make charities to us (small youth non-profit) to reduce the amount of their taxable income or they are too busy and too successful.

Expert:  Merlo replied 7 years ago.

Hello Customer,

 

It is really hard to say if they would be willing to make donations to your organization or not. Many companies do make donations each year to a number of organizations. It just depends on if they think you have a worthy cause. If you find companies who are run by immigrants as you suggested, they would likely have a closer tie to you, and find your cause to be worthy of donations.

 

 

Thank you Customer

 

 

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