are political donations deductible
Donations to 501(c)(3) organizations are tax deductible. The nonprofit should give you a letter confirming the gift and the amount. Such donations need not be reported to the IRS unless the gift is 2% of total contributions or $5,000, whichever is greater. However, public charities may only play a limited nonpartisan role in elections. Any donation to a political party, campaign, or action committee is non-deductible. Other non-deductible contributions are those to individual people, labor unions, business associations, for-profit schools, for-profit hospitals, foreign governments, and fees paid to associations or state or municipal governments. Political donations. Home » Tax planning guide » Section 2 – Individuals » Political donations. For 2015, the credit is calculated as follows: 75% of the first $400, 50% on the next $350 and 33 1/3% of any contribution over $750, up to $1,275. Income, Repayments of Income. Income aid payments, Unreimbursed Employee Expenses. Social Security benefits, Repayments of Social Security Benefits. Reporting requirements. Armed Forces reservists, Armed Forces reservists. Computer used in a home office, Computer used in a home office. Depreciation, Depreciation. Donations are deductible if the organization you give to is a 501(c)(3) tax-exempt charity. This results in a maximum credit of $650. Some provinces provide similar credits against provincial income taxes for contributions made to provincial political parties. For federal purposes, the credit can only reduce taxes paid or payable. If you are not liable for any taxes in 2015, the credit is lost. It cannot be carried forward to 2016. Note that contributions to local mayoral campaigns do not qualify for the political donation tax credit. Armed forces reservists' travel expenses, Armed Forces reservists traveling more than 100 miles from home. Performing artists, Performing Artists. State or local government officials paid on fee basis, Officials Paid on a Fee Basis. Unlawful discrimination claims, Unlawful discrimination claims. With every big election, there is the relentless ask for campaign contributions. Political donations | The tax planning guide 2015-2016. Tax tip: Consider spreading your political contributions over two years. For example, if you contribute $750 in 2015, your federal tax credit will be $475. Travel and transportation expenses, Local lodging. , Additional information. Another individual, paid by taxpayer, Travel Expenses for Another Individual. Armed forces reservists, Armed Forces reservists traveling more than 100 miles from home.
No