[Noisebridge-board] Fwd: Re: question about tax deductions
maltman23 at hotmail.com
Fri Oct 10 03:15:32 UTC 2008
I asked Carol if donations to Noisebridge are tax-deductable retroactively, and she said that they are. But gave a caveat about it. Check out her email, below.
-------- Original Message --------
Re: question about tax deductions
Thu, 09 Oct 2008 20:04:51 -0700
Carol Gee <carolgee at sbcglobal.net>
Mitch Altman <mitch at CornfieldElectronics.com>Hi Mitch:The tax deductibility of donations is retroactive IF the tax exempt application is approved, so long as it is applied for in a timely manner (I think when I last looked, it had to be filed with the IRS within 27 months of incorporation in order for there to be retroactive treatment). SO, all donors must be advised of this, and advised to discuss with their tax advisors whether or not they can claim the deduction before the application is actually approved, as for example pertaining to donations made in this fiscal year, because I doubt the approval will be obtained that quickly.Does that make sense, or did I just commit a Palinism?Rgds,Carolon 10/9/08 2:52 PM, Mitch Altman at mitch at CornfieldElectronics.com wrote:
Hi Carol,We got our bank account today at Wells Fargo Bank. (And PG&E and phone and cable-internet.)We'll be getting insurance very soon.Here's another questions people have been asking:Once we have 501c3 status, are tax exemptions available for donations made now? or do exemptions apply only to donations after we have 501c3 status? Thanks,Mitch.
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