letter acknowledging the donation and
a statement that the Not For Profit did not provide any goods or services in return, if that was the case or
A description and good faith estimate of the value (not cost) of any goods or services the not-for-profit provided in return (e.g., market value of an event ticket) like a sponsorship message or advertising.
No hocus pocus. No wiggle room. No bonus. No buy one, get one free. No double dipping. I would encourage any business ( or charity) not to circumvent the tax laws. Charities get audited frequently to ensure that they are truly a tax-exempt organization.
I guess its possible that $-0- would be considered a donation and the balance a routine advertising business expense. Charities have different accounting rules than For-Profit organizations. Talk to your CPA.
Purchase a $500 ticket for a charity dinner/dance event. You will receive a letter from the charity notifying you of the exact dollar amount that is potentially tax deductible( and only if you itemize). I assume most notaries do not itemize on their personal taxes and take the standard deduction.
For the 2022 tax year, the standard deduction is $12,950 for single filers and married filing separately, $25,900 for joint filers and $19,400 for heads of household.
"This message is made possible by the generous support of Jane Doe mobile notary, changing the community and the world with advanced financial technology. And by the generous support of Exxon Mobile Corporation, creating New Paths Within Energy And Technology For A Better Future. We appreciate their donations."
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