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Started By
Message
are "donations" to Good will tax deductible?
Posted on 6/12/14 at 10:19 am
Posted on 6/12/14 at 10:19 am
I wonder how seeing it's a private company with no obligation to charity.
I was asking because I started a offshoot company and was wondering if I could give people receipts for donations and them be tax deductible?
My company already donates 100% of proceeds from scrap metal sales to charity, so I'm already giving back in that way.
Unlike Goodwill I won't trick people into thinking I'm a charity and they do a lot of good donating to me. Instead I plan on saying "I'm a company and I want you to give me things so I can sell them at high profit, but many items that can't be sold (30-35% of them) will be scrapped and all iron/copper and aluminum sales will go to charity. In addition we provide our services free to the ASPCA and many area churches and the donations would offset that".
So I wouldn't outright lie like Goodwill, to where everyone thinks it's a charity, but I would like to make donating more appealing. Currently I buy the items, but many people throw them out anyway. Our ROI on these items is through the roof and it keeps items from going to the dump and allows for people to have used options (all with 90 day warranty).
I was just curious what you have to do to be able to accept taxable donations?
I was asking because I started a offshoot company and was wondering if I could give people receipts for donations and them be tax deductible?
My company already donates 100% of proceeds from scrap metal sales to charity, so I'm already giving back in that way.
Unlike Goodwill I won't trick people into thinking I'm a charity and they do a lot of good donating to me. Instead I plan on saying "I'm a company and I want you to give me things so I can sell them at high profit, but many items that can't be sold (30-35% of them) will be scrapped and all iron/copper and aluminum sales will go to charity. In addition we provide our services free to the ASPCA and many area churches and the donations would offset that".
So I wouldn't outright lie like Goodwill, to where everyone thinks it's a charity, but I would like to make donating more appealing. Currently I buy the items, but many people throw them out anyway. Our ROI on these items is through the roof and it keeps items from going to the dump and allows for people to have used options (all with 90 day warranty).
I was just curious what you have to do to be able to accept taxable donations?
Posted on 6/12/14 at 10:21 am to Napoleon
Hell yeah and they give you blank receipts every time you donate. Helps a ton when doing your taxes the next April.
Posted on 6/12/14 at 10:21 am to Napoleon
Do you have a flea market?
I can't figure out what it is... you do.
I can't figure out what it is... you do.
Posted on 6/12/14 at 10:21 am to Napoleon
quote:
are "donations" to Good will tax deductible?
Yeah, that's why they give you a receipt when you leave.
Posted on 6/12/14 at 10:26 am to Napoleon
At least you know how horrible goodwill really is and why you should never donate to them
Posted on 6/12/14 at 10:30 am to Napoleon
Goodwill has the most genius business model ever. Their product is donated to them on a mass scale, and they sell it at 100% profit. Genius I tell you.
Their CEO makes over $2 mil a year too. Bet most people don't know that.
So much for a charity.
Their CEO makes over $2 mil a year too. Bet most people don't know that.
So much for a charity.
Posted on 6/12/14 at 10:59 am to Napoleon
You should not put your plans to evade taxes on the internet
Posted on 6/12/14 at 11:14 am to Napoleon
quote:
I was just curious what you have to do to be able to accept taxable donations?
Specifically, your company has to have tax exempt status under IRS Code Section 501(c)(3).
Posted on 6/12/14 at 11:17 am to Napoleon
You would have to organize as a 501(c)(3) tax emempt organization. Then when you get audited to see if you comply with the requirements for maintaining 501c3 status, and don't, you will owe back taxes, interest and penalties on all the taxes you haven't been paying.
Good luck.
Good luck.
This post was edited on 6/12/14 at 11:19 am
Posted on 6/12/14 at 11:23 am to Napoleon
Don't get greedy, sounds like you'd do just fine without going non-profit.
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