Can i deduct fundraiser

Here are the main steps to claim a deduction for charitable donations:. You might be surprised by some of the ways you can claim charitable donations on your taxes. Different types of charitable donations have their own set of tax rules. Luckily, the IRS provides a comprehensive guide on charitable contributions to help you navigate any uncharted tax territory.

In the age of crowdfunding , it has never been easier to support your favorite charity. Technology has changed the way people all over the world help others.

Lending a digital hand to those in need is now effortless, and finding best charities to donate to takes no time at all. The top charity fundraising sites have done an incredible job of simplifying the giving process for donors and organizers alike.

Reputable sites now offer fundraising platforms and issue tax-deductible receipts for donations made to certified charity fundraisers. They also give donors a way to easily track their donations in one place.

This means that you must make donations by December 31st to count. People can also set up fundraisers for personal causes that can cover anything from raising money for medical expenses to supporting a political goal. Users have generated billions for nonprofit groups by donating money using Facebook, with millions more raised every day. Just because you are making the donation through Facebook does not mean it is not tax deductible.

Although tax laws vary from region to region, there is a good chance your latest Facebook donation is eligible to be deducted from your next income tax bill. Here are some frequently asked questions about Facebook fundraiser donations, tax deductions, and how they relate to your tax return.

Some Facebook donations are tax deductible. Deductible donations need to be made to a nonprofit organization. Example: Sarah posts a birthday fundraiser to raise money for a local animal shelter. The shelter is registered as a charitable organization, so donations made to it are tax deductible. If you need more information about substantiating charitable contributions , do not hesitate to call on The Tax Warriors.

We are happy to help! Topics: Charity , Charitable organization , Charitable contribution , deduction , fundraising , charitable event. See All Posts. Call Why Tax Warriors? McGrory Geoffrey L. Mesko Robert N. Polans Clare Porreca Steven R. Keep copies of correspondence about the party and what the charity hopes to accomplish fundraising goals or other charitable purpose s. Most large tax-exempt organizations have best practices or specific guidelines for fundraisers that benefit their organization.

Consider keeping things simple. If you make a cash donation in advance of the party to cover the expected costs of the party and allow the charity to pay applicable costs you can simplify your contemporaneous documentation requirements more on that below. Keep detailed records and receipts. Keep a copy of the invitation used to invite party attendees.