DAVID S. BABOIAN, CPA, PC

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3/17/2016

March 17th, 2016

Read Now
 
TAX TIP OF THE DAY...  "GoFundMe" donations.

Are GoFundMe donations tax deductible?
Usually not.  Tax deductible donations must be paid to a non-profit organization and NOT TO INDIVIDUALS.  People often confuse the $14,000 maximum gift rule with the donation rule.  Yes, you can make a gift up to $14k to an individual and the gift is non-taxable to that person.  But gifts to individuals are not not tax deductible.  

However a business may be able to deduct a gift if it can qualify as advertising...  due to the public nature of the gift and its ability to promote business goodwill among current and potential customers.  


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If you need a tax appointment... www.baboiancpa.com

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYEE set up forms for new hires
      • EMPLOYER set up forms
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's band - Dance Fever
    • Haunted Chamber
    • Picture gallery
  • Secure email