If you're raising money for somebody else, state clearly whether you're not a charity or a nonprofit.
"You want to make sure you’re very clear about why you are raising money and who or what is it for," Mathis said.Ģ. What's the intent of the fundraiser and the reason for it. Here's what Mathis suggests considering:ġ.
Go fund me fees professional#
"It’s really an unfortunate thing," Cohen said. "This person had the best of intentions of raising money for other people, and it might not end up not working out so well."Ĭohen and both Facebook and GoFundMe recommend talking to a tax professional just to be sure when considering fundraising online. Cohen said that using third-party platforms like Facebook to get funds meant Goffinet actually received personal income since he doesn't have an accredited nonprofit and the donations are currently not considered tax-deductible.Ĭohen said he can only imagine how Goffinet was surprised that his gesture online was able to help so many in need during an unprecedented time. Rick Cohen, chief operating officer and spokesman for the National Council of Nonprofits, hopes Louis Goffinet, the teacher who raised over $40,000 in a fundraiser on Facebook to help buy groceries for neighbors struggling during the pandemic, doesn't have to pay the price for simply doing a good deed. GoFundMe adds there may be "particular case-specific instances where the income is, in fact, taxable for organizers" that depend on the amounts received and how the funds are used. Unemployment $10,200 tax break: Some may need to amend returns for tax refundsĪnd GoFundMe states its fundraisers are "usually considered to be personal gifts which, for the most part, aren’t taxed as income," but there are some exceptions. Taxed for Facebook fundraiser: One do-gooder got 'huge shock' after huge tax bill
0 kommentar(er)
