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Hi, My name Vlad. I am the executive of the young non-profit

Customer Question
Hi, My name Vlad. I...
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
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Answered in 6 minutes by:
2/1/2010
Tax Professional: Merlo, Accountant replied 7 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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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

 

 

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Customer reply 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?
Tax Professional: Merlo, Accountant 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

 

 

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Customer reply 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.

Tax Professional: Merlo, Accountant 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

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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