| Debra Fritz |
Nancy,
Did rfc form some kind of non-profit group when we did the cookbook? I
know the proceeds went to charity, but was that done as a standard
contribution or as a pass through from a non-profit?
Debra
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| Nancy Young |
"Debra Fritz" <dfritz@rocketmail.com> wrote in message
news:2djve1562rlglkmq4cgb7pn5sg0ort5p2b@4ax.com...
> Nancy,
>
> Did rfc form some kind of non-profit group when we did the cookbook? I
> know the proceeds went to charity, but was that done as a standard
> contribution or as a pass through from a non-profit?
We donated the proceeds to City Harvest (related to Second Harvest) ...
I just kept the money in a separate account and bought a money order and
made it out to them, signed Rec.Food.Cooking. But no, we did not form
our own non profit. No need, none of us profitted from it.
nancy
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| Debra Fritz |
On Tue, 2 Aug 2005 16:20:28 -0400, "Nancy Young" <qwerty@monmouth.com>
wrote:
>
>We donated the proceeds to City Harvest (related to Second Harvest) ...
>I just kept the money in a separate account and bought a money order and
>made it out to them, signed Rec.Food.Cooking. But no, we did not form
>our own non profit. No need, none of us profitted from it.
>
Thanks...I asked because I didn't remember if the cost of the
cookbooks was tax deductible or not. Also, putting a bunch of $$ into
an account with one person's name and social security number may cause
tax implications for that person.
Did you pay for the cookbooks from that account too?
Thanks,
Debra
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| Nancy Young |
"Debra Fritz" <dfritz@rocketmail.com> wrote in message
news:bslve11vca9hu5pd8cqbc2l1q3j0fa5m99@4ax.com...
> On Tue, 2 Aug 2005 16:20:28 -0400, "Nancy Young" <qwerty@monmouth.com>
> wrote:
>>We donated the proceeds to City Harvest (related to Second Harvest) ...
>>I just kept the money in a separate account and bought a money order and
>>made it out to them, signed Rec.Food.Cooking. But no, we did not form
>>our own non profit. No need, none of us profitted from it.
> Thanks...I asked because I didn't remember if the cost of the
> cookbooks was tax deductible or not. Also, putting a bunch of $$ into
> an account with one person's name and social security number may cause
> tax implications for that person.
I wasn't interested in deducting anything from my taxes. I suppose
if anyone else was, they could have, the donation part of the cookbook
price was posted at some point.
> Did you pay for the cookbooks from that account too?
Everything involved with the cookbook was handled out of
that account. I paid for the books and reimbursed the mailers
for their expenses. Don't think there were any other expenses
involved. (Whoever) will probably want to get a PO box, I
know I didn't want my home address plastered all over. I
didn't charge for that, but that is a genuine expense, still all
just piddly stuff.
What was left over after the dust settledwent to the charity and,
for all I know, there is still a copy on Barb's website.
You can email me with any questions you have, any time.
nancy
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| Rhonda Anderson |
"Nancy Young" <qwerty@monmouth.com> wrote in news:dconjp$234$1
@news.monmouth.com:
>
> "Debra Fritz" <dfritz@rocketmail.com> wrote in message
> news:bslve11vca9hu5pd8cqbc2l1q3j0fa5m99@4ax.com...
>
>> Thanks...I asked because I didn't remember if the cost of the
>> cookbooks was tax deductible or not. Also, putting a bunch of $$ into
>> an account with one person's name and social security number may cause
>> tax implications for that person.
>
> I wasn't interested in deducting anything from my taxes. I suppose
> if anyone else was, they could have, the donation part of the cookbook
> price was posted at some point.
>
Just pure curiosity at work here - I'm taking these comments to mean that
US citizens who purchased one of the cookbooks could have claimed this
cost, or at least part of it, as a charitable donation for tax deduction
purposes? Have I got that right, or have I totally misinterpreted? I'm
just curious as here (Australia), generally a donation is not tax
deductible if you receive anything for it - a pen, a raffle ticket etc.
I suppose it caught my eye as it's tax time here - our financial year
runs 1/7 to 31/6 - but you do have until end of October to lodge your
return. I've lodged my return and received my refund already (yay!!).
Mine's always quite a simple return,and I use the tax department software
and lodge the return electronically - usually get my refund within a week
or so.
Rhonda Anderson
Cranebrook, NSW, Australia
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| Nancy Young |
"Rhonda Anderson" <schumacher11@bigpond.com> wrote in message
news:Xns96A8E6449B20schumacher11bigpondc@61.9.191.5...
> "Nancy Young" <qwerty@monmouth.com> wrote
>> I wasn't interested in deducting anything from my taxes. I suppose
>> if anyone else was, they could have, the donation part of the cookbook
>> price was posted at some point.
>
> Just pure curiosity at work here - I'm taking these comments to mean that
> US citizens who purchased one of the cookbooks could have claimed this
> cost, or at least part of it, as a charitable donation for tax deduction
> purposes?
I believe the charitable portion of the cost of the book was
deductible. Wasn't a significant amount.
nancy
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| Debra Fritz |
On Wed, 03 Aug 2005 15:24:56 GMT, Rhonda Anderson
<schumacher11@bigpond.com> wrote:
>Just pure curiosity at work here - I'm taking these comments to mean that
>US citizens who purchased one of the cookbooks could have claimed this
>cost, or at least part of it, as a charitable donation for tax deduction
>purposes? Have I got that right, or have I totally misinterpreted? I'm
>just curious as here (Australia), generally a donation is not tax
>deductible if you receive anything for it - a pen, a raffle ticket etc.
Nope. That's why I asked if rfc had set up a non-profit organization.
Here, as far as I know, if you are an approved non profit
organization, you can sell stuff or hold a raffle and people can
deduct the price of the item or ticket as a contribution to charity.
The key is having a tax i.d. number that you get from our Federal
Government once you are approved. That being said, there are several
types of non-profits here and not all are the kind where contributions
are tax deductible. I *think* a 501C3 is the tax deductible kind..and
there may be others.
Now, I may be wrong about this, but my info is based on working with a
few non profit groups here and what I understand the rules to be.
Someone else may be able to give you better information.
Also, I think even non profit groups have to file Federal & State Tax
returns showing what they raised and spent. If they break any of the
rules, then they have to pay taxes and their status is changed...and
contributions to them are no longer deductible.
Debra
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