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The 2023 tax filing season is here, and with it comes a slew of nondeductible expenses that could affect your bank account. Whether you’refiling taxesindependently or as part of a household, knowing what isn’t deductible can help you more accurately plan for the upcoming year. In this ar...
Double the Donation provides matching gift tools to nonprofits of all sizes. Double the Donation's mission is simple. We strive to help nonprofit organizations and schools increase fundraising from corporate employee matching gift and volunteer grant programs.MORE Email ***@doublethedonation.com Face...
In addition, the possible elimination of capital gains tax on the sale of an asset can also increase your donation amount to the nonprofit. (See below.) Because they are tax-exempt organizations, 501(c)(3) nonprofits can then sell these assets without any tax consequences. ...
The bill seeks to tax gains arising out of disposals of non-business assets. One may then ask; what is a disposal? Under Section 51 of the ITA, an asset is treated as disposed if it is sold, exchanged, redeemed, or distributed by the taxpayer; transferred by way of gift; or destroye...
The City of Columbia started to accept applications for Hospitality Tax Grant Funding for the 2025-2026 Fiscal Year (July 1, 2025 – June 30, 2026) on Thursday, January 23, 2025.… Read More Posted in: midlandsbiz Category: government, non-profit, on-the-move ...
And gifts aren't tax deductible. The debt must be worthless The unpaid debt must be 100% worthless before you can deduct it. There must be no chance that the borrower can or will ever pay you back the amount of the loan. It is important to make a documented effort to collect your...
These types of donations allow donors to give in greater amounts while earning more tax benefits, but many supporters don’t even know they have the option to donate them. If your nonprofit accepts gifts of noncash assets, marketing that option to donors is vital. You may find that there ...
Any financial gift you give to another person without receiving something in return that’s at least of equal value is tax-free income. However, there is a limit to the gift tax exclusion. It’s $18,000 in 2024, while it was $17,000 in 2023. ...
In the US, most individual taxpayers have two options when it comes to tax deductions. You can claim a standard deduction, which is a set amount (adjusted each year for inflation) not subject to taxation based on factors such as your filing status, age, disability status, and whether you ...