Beyond an investment from your heart, a donation to Ronald McDonald House Charities of Montana can also be a financial benefit come tax time.
Here are some considerations to ensure you get the maximum benefit from your generous donation:
- As
a nonprofit corporation, RMHCMT is classified by the Internal Revenue
Services as exempt under IRC Section 501(c)(3) and as a public charity
under IRC Section 509.
- Keep records of your donations, including importantly, receipts or letters from RMHCMT acknowledging receipt of your donation.
- Donations of more than $250 must be supported by record of payment from your bank. (Cancelled check, bank statement, etc.)
- If you volunteer, you cannot deduct the value of your services, but you may be able to deduct some expenses if they are:
- Not reimbursed through your employer or anyone else
- Directly connected with the services you performed
- Expenses you had only as a result of your volunteer work
- Not personal, living or family expenses
- Generally,
no more than 50 percent of your adjusted gross income can be deducted.
If you donate more, carry that undeductable amount over into the next
year.
We recommend you contact a tax professional for more information.
In addition to donations from individuals, the following ways of giving also qualify for maximum tax benefits
Private Foundations
As
a public charity, RMHCMT is qualified to receive grants from private
foundations. A grant to RMHCMT will help your foundation satisfy its
annual distribution requirements while helping RMHCMT accomplish its
mission of serving children.
Donations of Securities
In
addition to donating cash to RMHCMT, individual donors may make gifts of
publicly traded securities. The donor is not taxed on any gain in the
property, and the donor may deduct the fair market value of the gifted
securities against other income (subject to certain limitations).
Donors should seek the advice of a professional tax advisor.