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The particular tax consequences of a donor's charitable contribution depends on the type of contribution that he makes. A taxpayer may contribute services, cash, or property to a charity. There are a number of traps, especially that donations of short-term capital gains are generally not tax deductible.
St. Jude Children's Research Hospital is a pediatric treatment and research hospital headquartered in Memphis, Tennessee. Founded by entertainer Danny Thomas in 1962, it is a 501(c)(3) designated nonprofit medical corporation which focuses on children's catastrophic diseases, particularly leukemia and other cancers. [ 1 ]
As of 2021, St. Jude Children's Research Hospital costs nearly $1.7 billion per year to run, and donations provide an estimated 87% of those funds. Only 6% of the money to operate the hospital comes from insurance recoveries and 5% comes from grants.
The deadline for tax-deductible donations for the 2023 tax period is Dec. 31, 2023.
Donations made to 501(c)(3) organizations are typically tax-deductible for the donors, meaning individuals and businesses can claim those donations as deductions on their tax returns, subject to certain limitations. This tax benefit encourages charitable giving. In contrast, donations made to 501(c)(4) organizations are not generally tax ...
Just be sure to research the organization beforehand to make sure donations are tax deductible. The amount you can deduct is equal to the value of all cash and property you donate to the ...
Trump then had the Trump Foundation make a $50,000 grant to St. Jude Children's Hospital. [ 125 ] In 2012 Trump promised at least six personal donations of $10,000 each to contestants' chosen charities during one episode of Celebrity Apprentice .
501(c)(3) tax-exemptions apply to entities that are organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes; or for testing for public safety, to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals.
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related to: st jude research donation form for tax purposes