Qualified Charity

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Qualified Charity

A non-profit organization in the United States devoted exclusively to religious, charitable, scientific, educational, or other similar purposes. Qualified charities are not allowed to lobby for political candidates. Qualified charities are exempt from federal taxation and, in most cases, contributions and donations made to them are also tax exempt. For this reason, many philanthropic foundations do not provide grants to organizations that are not qualified charities.
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The USCGT is an independent tax-exempt public charity approved by the Internal Revenue Service that receives donations from individuals, corporations, and others to make gifts to qualified charities throughout the United States.
642(c)-1 provides for a charitable deduction for amounts paid in the current year and the following year to qualified charities.
The provision allowed IRA holders 701/2 years old--the same age at which they are required to receive taxable distributions from their IRA--to donate up to $100,000 tax free to qualified charities.
Distributions must also be made to qualified charities no less frequently than every five years.
As mentioned above, because of the tax-exempt status of qualified charities, they can receive the benefits free of income tax, effectively making the benefits more valuable to the charity than they are to a noncharitable beneficiary.
When qualified charities seek a contribution from you, feel free to ask them to share the names of others who have given to the cause and how much.
You can check online with the Internal Revenue Service, which maintains an online list of qualified charities (www.
Donations will be distributed to qualified charities in the Denver community.
This noble sentiment would work a lot better if deductions were allowed for all giving made to qualified charities by April 15.
The approximately two-thirds of taxpayers who take the standard deduction--and thus cannot deduct charitable gifts--can now get the equivalent of a deduction by making gifts directly from their IRAs to qualified charities.
5% of the value of property not being used on charitable activities or administration on charitable activities or as gifts to other qualified charities.
This happens a lot in the software industry Donating that product to qualified charities preserves their market standing, eliminates the redistribution costs and offers the company the opportunity to qualify for tax benefits.

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