Tax Deductions Found in Fundraising
Posted by brickmarkersusa on April 20, 2011
As Tax Season comes to a close we are all trying to figure out where the deductions are, and how to make the most out of your tax return. For those of you who have been charitable this year, your fundraising donations may be a deduction you have overlooked.
According to Turbo Tax’s website, one of the top ten most overlooked deductions for 2010 are “out-of-pocket charitable contributions.” Big and little donations count! Brick Markers® is involved with a few non-profit projects which donors are able to claim tax deductions for their brick/tile purchase. Look into the federal and state requirements for any purchases you’ve made, and you might be able to receive a little boost in your tax returns.
For those of you planning your own fundraiser, looking for small tax deductions can reduce costs for your project and increase sales. What a better way to get people interested in donating to your project than letting them know they may be able to get a little bit of that money back.
Brick Markers® is in its 6th year working with the University of Alabama Coleman Coliseum’s Crimson Terrace fundraising project. Working with the University, Brick Markers® mails letters to donors informing them that their contribution is tax deductible. All deductions are relative to the individual project and the donations involved. Definitely take the time, this tax season or next, and see what your good deeds can do for you.
The University of Alabama’s donors are entitled to a slight tax deduction for their donation. Their Crimson Terrace project and the Coleman Coliseum has been a steady fundraising project with Brick Markers® for several years.