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What would be the impact of switching my charitable giving from my personal account to my non profit organization?

 
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What would be the impact of switching my charitable giving from my personal account to my non profit organization?

not sure what you have. but, if it's a tax-exempt private foundation (PF), any distribution from it to eligible charities has no effect on your personal taxes. contributions you make to your PF would be deductible subject to limitations.

 

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What would be the impact of switching my charitable giving from my personal account to my non profit organization?

It is a non profit I run myself. We serve our community feeding the homeless and other charitable giving in the community.

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4 Replies

What would be the impact of switching my charitable giving from my personal account to my non profit organization?

Describe what your Non-profit organization actually is.

 

1)  A non-profit you actually run yourself.??  (if so, describe it for us)

2)  ...or perhaps a Charitable Gift Fund account that you have put money into in the past, and that you send $$ out from to other charities??

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

What would be the impact of switching my charitable giving from my personal account to my non profit organization?

not sure what you have. but, if it's a tax-exempt private foundation (PF), any distribution from it to eligible charities has no effect on your personal taxes. contributions you make to your PF would be deductible subject to limitations.

 

What would be the impact of switching my charitable giving from my personal account to my non profit organization?

It is a non profit I run myself. We serve our community feeding the homeless and other charitable giving in the community.

What would be the impact of switching my charitable giving from my personal account to my non profit organization?

Then it's not clear exactly what you are asking.

 

I certainly hope you are keeping your personal finances entirely separate from your charity organization

...and filing the proper (separate)  Charity Organization's paperwork every year.

__________________________________

IF You donate into your charity from your personal account, you can include those amounts in your yearly personal tax return as potential itemized deductions (but only if it a registered 501c3 charity).

 

Those donations, and any others, are recorded by the charity's financial accounting records as income, and their use for food/etc is recorded and reported on their yearly filings as part of the charity's expenses. 

_________________________

BUT...I am not someone very knowledgeable about the details of how charities actually do their accounting and yearly reporting.  

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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