Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-23-2015, 07:35 PM
Junior Member
 
Join Date: Jan 2015
Posts: 1
donations to a 501c3 non profit

I have a question regarding taxes and donations to a 501c3 non profit organization:

If I donate money (say $7,000) to the the charitable non profit organization
well i be paying $7,000 less at the end of the year when i file my taxes? or
does that all get broken down in percentages and I only end up paying like $300 less on my taxes at the end of the year?

somebody recently told me that if i donate $7,000 to there non profit charitable foundation then i would be paying $7,000 less on my taxes at the end of the year. Further explaining to me that i have to spend that money
anyways so might as well donate it to a good cause.. is this true?

thank you



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax break from for profit company to non profit rescue group Elliemaekarnes Non-Profit Organisation 1 12-21-2014 12:15 AM
Leasehold improvement donation to 501c3 grandaeriefoe Non-Profit Organisation 1 02-18-2014 01:56 AM
Filing a Non-Profit or a For-Profit Federal Tax Return CondoHOA Filing Requirements 0 11-19-2009 01:54 PM
If I buy a house, sell it shortly afterwards, for a profit, and reinvest the profit.. hollowman512 Capital Gains 0 04-18-2009 03:49 PM
Have 1099-misc from non-profit 501c3 does my self-emp tax have to be so high? nicoleshashoua Income 0 03-23-2009 03:37 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.