[openbeos] Re: Non Profit Tax Deductions
- From: Czeslaw Czapla <czapla@xxxxxxxxxxxx>
- To: <openbeos@xxxxxxxxxxxxx>
- Date: Wed, 14 Jul 2004 23:12:56 -0700
on 07.14.04 4:41 pm, Mat Hounsell at mat_geek@xxxxxxxxxxxx wrote:
> I was involoved with a non-profit US based organisation. I was told that in
> the
> US money spent by members on the organisation/work was tax deductible. Is that
> true for Haiku?
Absolutely, there are significant tax benefits enjoyed by 501(c)3
corporations such as Haiku Inc. Most (if not all) contributions made to the
organization are deductible from the taxable income of the contributor.
Depending on the amount that you contribute annually to such organizations,
the reduction in one's tax bill can be substantial. The US has a graduated
income tax structure, so sometimes deductions from taxable income can reduce
your annual taxable income so much that you end up in a different "tax
bracket", i.e., a different graduated level in the structure in which the
income tax levied is a smaller percentage of your (reduced) income. This is
a double gain that I've enjoyed at least once in the past.
Czeslaw
Other related posts:
