General Interest

Fundraising.....

Hi, I plan on doing a book for a fundraiser and donate the proceeds to a charity.  I know we have to give our social security number to blurb before we can set the price on our book.  I don’t want the IRS thinking I am making a profit when all the money made is going to a non for profit organization.  How do I do this?  thanks Carrie :)

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Posted by
Carrie2409
Sep 30, 2007 12:06am PDT
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Carrie2409
 

The IRS doesn’t "think" so just do it.  Then, report the money you give to the non-profit organization as a tax deductible donation on your annual tax return, just like you would any other donation.

Keep records of all "income" and the "costs" associated with the sales.  If you give all the profit to the organization, the costs and profits become chairitable contributions.

You cannot deduct the cost of your "time" for the effort.

Posted by
200mph
Sep 30, 2007 6:24am PDT
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200mph