Help us raise $100,000 by February 18th in our Winter Membership Drive.

Donations as of 2/3/2011, 6:15 pm:

Drive Goal:
$100,000
 
$6,239

 


Year End Donations and Your Taxes

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Here's some basic info (NOT legal or professional tax advice) regarding your 2011 contribution/s to KBOO and taxes. 

First, KBOO is certified by the IRS as a tax-exempt, non-profit 501(c)(3) organization. Contributions made to us are deductible, but if you receive any benefit in return (membership drive thank you gifts for example), "you can deduct only the amount of your contribution that is more than the value of the benefit you receive." Donate $100. and receive a book worth $25?  You can deduct $75., not $100. See here for more details on this.

Second, only contribution made in 2011 count for your 2011 taxes. The IRS states that a check is considered "delivered on the date you mail it." The check date has NOTHING to do with when your contribution counts. A check dated in January 2012, but mailed in December counts for 2011.  A check dated December 31, 2011 but mailed on January 2, 2012 doesn't.  Timing is especially important if you mail in a credit/debit card number for us to process. If we were unable to process it until after January 1, you cannot count the donation as a deduction for your 2011 taxes.

Third, the IRS requires that donors deducting charitable contributions to keep different types of records based on how the donation was made. KBOO will distribute 2010 tax statements in the second half of January 2011.

The IRS links in this entry correspond to different sections of Publication 526 - Charitable Contributions. It is also available as a PDF file.

The above is general information offered solely as a convenience, and is not intended to be professional legal or tax advice. You should consult a professional tax preparer if you have questions about your specific circumstance.

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