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I must preface this post by saying that I am not an accountant or a lawyer. This information is not meant to construe tax or legal advice. I recommend consulting a trained professional.

So, you’ve donated money on GoFundMe, or you’re going to be donating money, and you’re wondering whether or not your donations are tax-deductible?

First of all, good job! You’re educating yourself! You’re doing a lot better than most other crowdfunders and donors out there.

The answer to your question is relatively straightforward, but there are a few snags that can vary on a case by case basis.

Read the article here: http://www.crowdcrux.com/gofundme-donat ... eductible/

Thanks for the article ! Still I am concerned about how do I pay my taxes.

When it comes to paying Taxes, every time is tricky. There are so many factors influencing that, donations, working hours, what kind of income you have. And just because I have multiple incomes, I decided to let the specialist do their job, And, yes, you can get a tax return as well. So surf the net and read some laws; it helps a lot. Or, simply do like me, find somebody who will do all the job you!
Good luck. Hopefully, I could help somebody today )))

greaseboi wrote: ↑Thu May 13, 2021 11:15 am When it comes to paying Taxes, every time is tricky. There are so many factors influencing that, donations, working hours, what kind of income you have. And just because I have multiple incomes, I decided to let the specialist do their job. And, yes, you can get a tax return as well. So surf the net and read some laws; it helps a lot. Or, simply do like me, find somebody who will do all the job you!
Good luck. Hopefully, I could help somebody today )))

Thanks for the advice , bro !

In the age of crowdfunding, it has never been easier to support your favorite charity. Thousands of people, including me, have used GoFundMe to give back to causes they care about. However, suppose you receive any incentives or personal benefits from your donation. In that case, the IRS requires you to subtract that cost from the amount you plan on claiming as a charitable donation. Tax laws can change every year, and everyone’s situation is different, so we recommend working with a tax professional. A tax professional will ensure you’re adhering to tax laws, and they’ll be able to help you maximize charity tax deductions.

As far as I know, many charitable organizations are not taxed. They open retail stores that accept donations of goods as well as sell them to the public customers. However at the same time it will look like fraud, if you spend 100 $ on good in the store and then but something from them without tax xD. It’s all about intention. Btw, I contact https://e-delaware.com/ein for tax issues. This was especially useful for me when I was opening my store. I collected all the necessary documents for it within a week.