Donating to a 503c nonprofit
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justinorellana
New Member

Donating to a 503c nonprofit

I only make $20000 a year, im in college, and run a side airbnb business. I have been helping volunteer at a nonprofit and I was wondering if I donated money or mileage on my vehicle to support them would I be able to write it off of my taxes? Will it even matter if its likely going to be much less that I can give them than my standard deduction?

2 Replies
Opus 17
Level 15

Donating to a 503c nonprofit

At your income level, you probably won't receive a tax break from donating to charity.  (That doesn't mean you shouldn't donate.)  If you are single, then the total of your itemized deductions (state income tax or sales tax, plus mortgage interest and property taxes, plus gifts to charity) would have to be more than $12,500 before you would see a reduction in your income tax from making gifts to charity. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
rjs
Level 15
Level 15

Donating to a 503c nonprofit

For 2020 only, you can deduct up to $300 of charitable contributions even if you don't itemize deductions. This deduction is in addition to your standard deduction. You are probably in the 10% tax bracket, so a deduction of $300 would save you $30 in tax.

 

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