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Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12037
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I run a charity golf outing once a year and and all of the

Customer Question

I run a charity golf outing once a year and and all of the money that is raised after expenses I donate to the Cystic Fibrosis foundation. Do I need to do anything legally for tax purposes for me or anything in general?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: nope
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Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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Are you asking about the documentation needed to this to be ax deductible?

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Are you asking about what's needed to make the controbutions by PARTICIPANTSS rtax deductible for THEM?

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Let me know and we can go from there

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Generally, any money given to a 501(c)(3) organization in good standing (such as the Cystic Fibrosis Foundation) is tax deductible.

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For a contribution of cash, check or other monetary gift (regardless of amount), you must maintain as a record of the contribution a bank record or a written communication from the qualified organization containing the name of the organization, the amount, and the date of the contribution.

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BUt again, if you tell me your specific objectives (fpor example making money contributed tax deductible for your participants) I can provoide a more specific answer.

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Let me know. I'll be here

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Lane

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I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Expert:  Lane replied 1 year ago.

My apologies for the typos above ... The site is not leting me edit.

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Regardless, pleas give me a few more specifics about your objectives

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I'll be here

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lane

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