Your Donation and Taxes
Here are some considerations to ensure that you get the maximum benefit from your generous donation:
- As a nonprofit corporation, Operation Patriot Foundation, Inc is classified by the Internal Revenue Services as exempt under IRC Section 501(c)(3) and as a public charity under IRC Section 509.
- Keep records of your donations, including, receipts or letters from Operation Patriot Foundation, Inc acknowledging receipt of your donation.
- Donations of more than $250 must be supported by record of payment from your bank. (cancelled check, bank statement, etc.)
- If you volunteer, you cannot deduct the value of your services, but you may be able to deduct some expenses if they are:
- Not reimbursed through your employer or anyone else
- Directly connected with the services you performed
- Expenses you had only as a result of your volunteer work
- Not personal, living or family expenses
We recommend you contact a tax professional for more information.
- Generally, no more than 50 percent of your adjusted gross income can be deducted. If you donate more, carry that undeductable amount over into the next year.
In addition to donations from individuals, the following ways of giving also qualify for maximum tax benefits.
As a public charity, Operation Patriot Foundation, Inc. is qualified to receive grants from private foundations. A grant to Operation Patriot Foundation, Inc will help your foundation satisfy its annual distribution requirements while helping Operation Patriot Foundation, Inc. to accomplish its mission of helping those who protect us.