I think that will vary depending on your income level. I would imagine its like adding 100k in income and you would have to pay tax at the end of the year based on you tax bracket and deductions.
Last edited by TexomaPowerboater; 10-20-2008 at 09:10 AM.
Now I wonder if that was right?
Last edited by Mentalpause; 10-20-2008 at 08:19 PM.
Last edited by TexomaPowerboater; 10-21-2008 at 08:43 AM.
Boy will the IRS be surprised, as well as the entire philanthropy profession and a whole lot of savvy donors.
A gift to a legitimate 501 (C) 3 is a tax deductible gift, under most circumstances, and is NOT taxable as revenue as it leaves the donors hands. It was already taxed as income, and is now a charitable DEDUCTION to the donor.
The charity does not pay income tax on charitable revenue.
Btw...Nobody uses the term "donee."
Your clients have an idiot for an accountant.
What this site needs is a TEX deduction.
I can't believe that he posted that crap, and that anybody believed him. My God.
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