Charitable Gifts

A tax term meaning the amount of financial value attached to the tax deductible contribution to a non-profit organization. This term is most commonly used in the church system to indicate the dollar value of the gift made by the member.

Bookkeeping – Charitable Giving (Lesson 64)

Charitable Giving

Many small business owners are actively involved in the community and thus donate time and money to their favorite cause.  In almost every case the owner believes the donation is a business deduction.   It is NOT a business deduction for tax purposes except under the C-Corporation status; however, the business is still writing the check. Therefore the bookkeeper must still track the deduction and identify the donation properly so the gift is deductible on the owner's personal tax return.

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Form 990 – Return of Organization Exempt from Income Tax

Form 990

Section 6033 of the Internal Revenue Code requires tax exempt organizations to file an annual report.  Form 990 fulfills this requirement.  Many citizens utilize the information from Form 990 to evaluate the non-profit organization they donate to annually.  The 990 covers much of the information any citizen desires to know about the charity of their choice.

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