As presidential election this year season hums, total campaign contributions far exceeded 800 million dollars - and they continue to increase. With this level of funding, a question is sure to come to mind - are tax-deductible contributions for political
The short answer? No.
Most political contributions, whether local, regional or national, are not tax deductible and have not been For years. So if you happen to be one of many who give political candidates campaign funds, do not expect to derive any of these contributions on your next tax return.
And the same thing for a return business. In most cases, political contributions are not considered viable as a business expense and are therefore not deductible.
When writing checks to a political party can not help your tax bill, there are ways to financially support a cause you believe in and still get a tax benefit in the process. You just have to find a charity that qualifies for tax deductible contributions.
tax qualified charities are not allowed to pressure or give money to a candidate, political party or political action committee (PAC). However, under the banner of "education", they can help convince people on relevant issues that could have an impact on the final result of the election.
How do I know if the gifts to charities are tax deductible?
Only contributions to 501 (c) (3) organizations are tax deductible. These nonprofit organizations have been designated as charities by the IRS.
To help clarify any confusion, specific details about the type of IRS organization and if donations are tax deductible, must be clearly indicated by the charity.
If you are still in doubt the IRS has an online tool that can help. The Check Selection Tool Research Exempt Organizations allows you to search for organizations and finding certain information about their status.
Please note that all organizations are listed and some use "doing business as" names, meaning that they operate their business under a name that is different from their registered legal name. In this case, the search by the registered name may not appear in the database.
what about other non-profit organizations that support the causes that I believe in?
If you want to donate to most non-profit organizations of social protection, otherwise known as 501 (c) (4) organizations in the world of taxation, you must do so without receiving a tax benefit.
However, there are some exceptions.
Donations to Veterans organizations with 0 percent of war vet members and volunteer fire departments can be deducted on your tax return .
do you think that donations to political candidates should be tax deductible?
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