Tax Planning

Charitable Contributions: A Tax Deduction Guide for Public Charities

10/11/2023

In today's world, public charities play a key role in making a positive impact on society. Some of these organizations, like the American Red Cross, have existed for decades, while others haven't existed as long but are still making waves to promote change.

No matter when they were founded, charitable organizations work tirelessly to address various social, environmental, and humanitarian issues. However, running a public charity comes with its financial challenges. In order to minimize your group's potential tax burden, it is essential to understand the tax implications and benefits associated with charitable contributions. In this guide, we'll explore how public charities can navigate the world of tax deductions effectively.

The Basics of Charitable Contributions

Public charities generally rely heavily on the generosity of donors to support their causes. Even when grants and other forms of funding are available, donations still typically play a key role in charities' operations. When individuals or entities make charitable contributions, they're not only supporting a worthy cause but also potentially gaining valuable tax deductions.

Credit: Jose Luis Pelaez, Inc./Getty Images

Types of Charitable Contributions

Charitable contributions can be made in various forms, including cash donations, property donations, and in-kind contributions. To claim tax deductions as a donor, it is imperative to keep records of any eligible contributions, including their value, as this documentation will be essential for your tax preparer.

Tax Deductions for Donors

The IRS allows donors to claim tax deductions for qualifying charitable contributions made to public charities. Donors should ensure that their contributions meet the IRS criteria for eligibility. Additionally, specific records, such as donation receipts or acknowledgment letters from the charity, are often required to support these deductions.

Public Charities and Tax-Exempt Status

Public charities typically have tax-exempt status granted under Section 501(c)(3) of the Internal Revenue Code. This status is important for donors because it means their contributions are tax-deductible.

If you have questions about the non-profit status of your organization or an organization to which you donate, speak to a local tax professional who has experience in this niche.

Transparency and Accountability

To maintain their tax-exempt status and donor trust, public charities must operate transparently, with full accountability to their boards and other governing authorities. This includes filing annual reports and adhering to IRS regulations. By providing donors with the necessary information, public charities demonstrate their commitment to ethical and responsible operations.

Credit: Jose Luis Pelaez, Inc./Getty Images

Distinguishing Between Charitable and Political Activities

Public charities must be cautious when engaging in political activities. While they can advocate for specific issues, they must avoid endorsing specific political candidates. Any involvement in partisan political activities could jeopardize a charity's tax-exempt status.

Tax Deductions for Public Charities

Public charities themselves can sometimes benefit from tax deductions, depending on their organizational setup and operations. In some cases, they qualify for deductions related to certain expenses and charitable activities. However, these types of deductions are complex, and the charity should work closely with a qualified CPA or tax professional to ensure compliance.

Compliance and Reporting

Public charities must remain compliant with IRS regulations. This includes filing annual information returns (Form 990), which provide financial transparency and accountability. Accurate record-keeping and financial reporting are essential for maintaining a charity's tax-exempt status and ensuring donor confidence.

Working with Tax Professionals

Navigating tax deductions for public charities and their donors can be challenging. It is beneficial for charities to work with experienced tax professionals who understand the unique tax regulations that apply to non-profits.

These professionals can help charitable organizations maximize their tax deductions and maintain compliance with IRS guidelines. In turn, individual taxpayers who frequently donate to charities should also work with qualified tax experts to minimize their personal tax liability.

Credit: Fotostorm/Getty Images

Public charities play a vital role in improving our communities and addressing societal challenges. Understanding tax deductions for charitable contributions is essential for both charities and donors. By maintaining transparency, adhering to IRS regulations, and working with tax professionals, public charities can continue to thrive and make a meaningful impact.

Feature Image Credit: Hill Street Studios/Getty Images

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Frank Jenkins Jr

Frank Jenkins Jr. is the managing partner of Adams, Jenkins & Cheatham, a CPA practice based in Midlothian, VA. Frank specializes in Consulting services, tax planning, accounting, audit & assurances. "I genuinely care about our clients because I have a personal connection with them. This job requires me to multi-task and work under tight deadlines. I get great professional satisfaction from balancing firm and client commitments while building a strong team here at AJC."

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