Tarheel Trailblazers Message Board - Tax bill implications for nonprofits

07/19/25 at 6:27pm

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Tax bill implications for nonprofits (Read 1159 times)

SirNotAppearing IB Room In The Loop Offline Work Ride Tarheel Trailblazers Posts: 1216 Joined: 03/08/10	Tax bill implications for nonprofits 12/22/17 at 1:30pm	Print Post
	Another fun topic to discuss alongside IMBA/Wilderness: how will the new tax bill impact THTB? On the one hand, you will now be able to claim up to 60% of your adjusted gross income in charitable contributions, up from 50%. I doubt this affects very many of us. On the other hand, the standard deduction is basically doubled for the next ten years. Currently about a third of the population itemizes and can therefore write off charitable giving. I've read estimates that up to 95% of the population will now take the standard deduction, which will remove the tax write-off benefit for the vast majority of people. The general assumption in what I've read is that individual giving will go down under this new bill, but who knows by how much. Perhaps for the club this means a greater emphasis on chasing grants and corporate donors (what fun). Maybe they'll be in a giving mood with their recent windfall . I should also mention there's a new excise tax penalizing payments over $1 million to a nonprofit's CEO. Sorry Emily.

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Cherokee Little Ring Offline Posts: 748 Location: Concord Joined: 08/07/06	Re: Tax bill implications for nonprofits Reply #1 - 12/22/17 at 5:41pm	Print Post
	My guess is that those individuals who understand math weren't giving solely to get the tax break anyway (give $100 to save generally $20-30 in taxes), though it does help. That said, I've run across quite a few people who don't understand that math. I'm not aware of any impact on corporate donations from the law. So I don't think the overall impact will be major, but we'll have to see. Hopefully not.

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Watcher Little Ring Offline I Love YaBB 2! Posts: 624 Location: Harrisburg Joined: 09/11/06	Re: Tax bill implications for nonprofits Reply #2 - 12/23/17 at 12:01am	Print Post
	Yeah I never made a donation anywhere that the tax deduction was a factor. Course my income was never high enough to be at a tax rate that it was that big of a deal. I always said the same thing Cherokee, that the common remark I'll take the tax write off had never filled out their taxes and understood how it really works.

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redstorm Newbie Offline old, but slow! Posts: 42 Joined: 02/28/09	Re: Tax bill implications for nonprofits Reply #3 - 12/23/17 at 6:28pm	Print Post
	Time will tell. It will take a couple of years before all the consequences shake out from this law. I think that most people who are close to a cause and donate because they believe in it won't care about the tax implications (unless they start putting extra taxes on donations !!). Hopefully the Trailblazers base of contributors falls into that category.

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The Cycle Path IB Room In The Loop Project Board Offline Treasurer '11 to '18. Trail Chair '12-'18, '20-'21 Posts: 11858 Location: Lake Norman Joined: 08/04/03	Re: Tax bill implications for nonprofits Reply #4 - 12/24/17 at 3:40pm	Print Post
	Most non profit donations are not tax deductible until you hit a minimum of $250.

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pokyman Newbie Offline Work Ride Tarheel Trailblazers Posts: 25 Joined: 08/13/16	Re: Tax bill implications for nonprofits Reply #5 - 12/24/17 at 4:16pm	Print Post
	The Cycle Path wrote on 12/24/17 at 3:40pm: Most non profit donations are not tax deductible until you hit a minimum of $250. Not a tax expert, but I don't believe this is true. Basically any donation to a 501(c)(3) charity is deductible, provided you haven't received anything in return for your donation (concert tickets, t-shirts, bike parts, etc). If you've donated more than $250, you need to have a written letter (documentation) from the 501(c)(3) for it to be honored. Less than $250, you can get away with email receipts, canceled checks, etc. From IRS.gov: "A donor claiming a deduction of $250 or more is also required to obtain and keep a contemporaneous written acknowledgment for a charitable contribution'" While we're talking about it, here's a link (below) for anyone that might want to get another deduction in before 12/31. For those who are not savvy with taxes/deductions, typically when you make a donation via the Internet via Credit Card, you'll get an immediate email notification, which can be printed, and included with your other tax documents when provided to your tax preparer (1040EZ and 1040A can't be used for itemized deductions). (You need to *Login* or *Register* to view media files and links) -> If you would like to make a direct financial contribution to the Trailblazers, click on the Donation button. 100% of your contribution will go to the Trailblazers.

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The Cycle Path IB Room In The Loop Project Board Offline Treasurer '11 to '18. Trail Chair '12-'18, '20-'21 Posts: 11858 Location: Lake Norman Joined: 08/04/03	Re: Tax bill implications for nonprofits Reply #6 - 12/24/17 at 5:43pm	Print Post
	pokyman wrote on 12/24/17 at 4:16pm: Not a tax expert, but I don't believe this is true. Basically any donation to a 501(c)(3) charity is deductible, provided you haven't received anything in return for your donation (concert tickets, t-shirts, bike parts, etc). If you've donated more than $250, you need to have a written letter (documentation) from the 501(c)(3) for it to be honored. Less than $250, you can get away with email receipts, canceled checks, etc. From IRS.gov: "A donor claiming a deduction of $250 or more is also required to obtain and keep a contemporaneous written acknowledgment for a charitable contribution'" While we're talking about it, here's a link (below) for anyone that might want to get another deduction in before 12/31. For those who are not savvy with taxes/deductions, typically when you make a donation via the Internet via Credit Card, you'll get an immediate email notification, which can be printed, and included with your other tax documents when provided to your tax preparer (1040EZ and 1040A can't be used for itemized deductions). (You need to *Login* or *Register* to view media files and links) -> If you would like to make a direct financial contribution to the Trailblazers, click on the Donation button. 100% of your contribution will go to the Trailblazers. You are actually correct.

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catsruletn IB Room In The Loop Project Board Offline My bike demands rights!! Posts: 2262 Location: Charlotte NC Joined: 07/20/06	Re: Tax bill implications for nonprofits Reply #7 - 12/27/17 at 10:35pm	Print Post
	"I should also mention there's a new excise tax penalizing payments over $1 million to a nonprofit's CEO. Sorry Emily." There's a huge huge difference between a ceo and a president. Believe me.

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