Where is the love?

[dbc03]

33 minutes ago, Gantang said:

I didn't say they were! Where did you get that idea? 

cixelsyd wrote that "you can make tax-deductible donations directly."  I disputed the ability to use a donation as a tax-deductible donation under the current IRS Code. 

Since you chimed in, do you take the Standard Deduction or Itemize? 

It's not really any of your business, but for the past ~20 years I've donated the same percentage of my income to various charities. When I started I took the standard deduction, then as my circumstances changed I eventually switched to Itemized deductions. The % I donated has stayed the same regardless of tax benefits though

[Gantang]

8 minutes ago, dbc03 said:

then as my circumstances changed I eventually switched to Itemized deductions. 

You are rare, especially in this activity.

I expect that most of the people on here don't itemize since 90% of taxpayers claim the standard deduction. Thus, 90% of the people would see no tax benefit from donating to a charity, as cixelsyd suggested. 

[JimF-LowBari]

21 minutes ago, Gantang said:

You are rare, especially in this activity.

I expect that most of the people on here don't itemize since 90% of taxpayers claim the standard deduction. Thus, 90% of the people would see no tax benefit from donating to a charity, as cixelsyd suggested. 

Maybe some people don’t look at it as a way to save taxes. Maybe they figure non-profit/charity status is an indication that it’s a good organization to support.

[Lance]

Because I don't want 3% of my money to go to gofundme.  

Same reason I don't ever give my business to gas stations/restaurants/etc that charge an extra 3% or whatever to use a credit card.  I understand that those businesses don't care for what the CC companies charge them, so no hard feelings or anything, but it's a no-go for me since I never carry much cash.   

Like others have said, when/if the Cadets release info about how much they need to field a corps in 2025 if at all, I'll donate directly to them.  

[Slingerland]

On 11/2/2023 at 1:01 PM, Gantang said:

It's been three weeks since the GoFundMe for the Cadets was started. The ask was for $50,000, but as of now, only $905 has been donated by 16 donors. How do you interpret this?
 

Easy. They don't need a Go Fund Me. They are an active 501(c)(3) charity, and legally able to solicit funds on their own. You don't raise money on a GFM for a charity that has no need of those services. GFM is for individuals, not organized charities with the ability to solicit and process donations directly. 

Please note - as far as I can tell, they have NOT sent out a general request looking for additional funding. That should give donors some kind of sense as to what their thinking is at this point in time. When they're ready to solicit funding for a relaunch, they'll no doubt go live with the info then.  

Edited November 3, 2023 by Slingerland

[Gantang]

3 hours ago, JimF-LowBari said:

Maybe some people don’t look at it as a way to save taxes. 

Then, they would not be viewing a donation to Cadets as a tax-deductible charitable donation. I make donations despite claiming the Standard Deduction because I know it's a gift (not under the IRS' definition. Those who do itemize and have deductions greater than the Standard do benefit by making additional donations. They usually make SIGNIFICANT donations to reduce the tax burden. Some of us are simply altruistic. 

[dbc03]

1 hour ago, Gantang said:

Then, they would not be viewing a donation to Cadets as a tax-deductible charitable donation. I make donations despite claiming the Standard Deduction because I know it's a gift (not under the IRS' definition. Those who do itemize and have deductions greater than the Standard do benefit by making additional donations. They usually make SIGNIFICANT donations to reduce the tax burden. Some of us are simply altruistic. 

If you're giving away a dollar just to save a max of 37 cents in taxes I would argue you are bad at math. Tax benefits are not a primary reason to donate, it's just a discount towards donating

[Jurassic Lancer]

1 hour ago, Gantang said:

Then, they would not be viewing a donation to Cadets as a tax-deductible charitable donation. I make donations despite claiming the Standard Deduction because I know it's a gift (not under the IRS' definition. Those who do itemize and have deductions greater than the Standard do benefit by making additional donations. They usually make SIGNIFICANT donations to reduce the tax burden. Some of us are simply altruistic. 

I think you would find that a great many here on DCP give quite generously to the activity. Regardless of tax benefit, it still makes more sense to give directly to our corps of choice than to donate via GoFundMe. GoFundMe takes their cut whereas the corps gets 100% when donating directly. 

[Tim K]

4 hours ago, Gantang said:

Then, they would not be viewing a donation to Cadets as a tax-deductible charitable donation. I make donations despite claiming the Standard Deduction because I know it's a gift (not under the IRS' definition. Those who do itemize and have deductions greater than the Standard do benefit by making additional donations. They usually make SIGNIFICANT donations to reduce the tax burden. Some of us are simply altruistic. 

The Philanthropy Roundtable (philanthropyroundtable.org) is a resource many people in advancement/development will use for planning and targeting purposes. Roughly 67% of American households give to charitable causes. Generation X had the largest percentage increase in 2020, especially at the higher ages in this category. Baby Boomers give the most but donations are larger from those at the lower age spectrum. So key donors are between 50-65 which makes sense. You’re more than likely still working and have the income to give. Millennials give the least but before we get into a boomer v. Millennials debate, this is not a slight. Millennials have started donating to causes at an earlier age than their predecessors which makes them likely to keep the habit of giving. The biggest reason people give to a cause is belief in its purpose. The least likely reason is for a tax deduction. 

Edited November 4, 2023 by Tim K

[cixelsyd]

19 hours ago, Gantang said:

cixelsyd wrote that "you can make tax-deductible donations directly."  I disputed the ability to use a donation as a tax-deductible donation under the current IRS Code. 

I only said "tax-deductible".

You may choose not to exercise that ability after reviewing a galaxy of potential deductions vs. the standard deduction.  But you still have the ability.