If you’re a US taxpayer, individual or corporation, a charitable donation to NTF could help us both. Really.
The Federal Government wants to make it easy for folks to support registered charities.Towards that end, qualifying individuals may be able to donate and deduct up to 50% of their adjusted gross income to qualifying charities. Network Time Foundation is one of these “50% Limit Organizations”. Corporations are allowed to claim up to 10% of taxable income as a deduction in the current tax year.
Here’s an example, and you can easily see from our website that I am not a tax professional. Please check with a tax professional if you have any questions. That would be asking somebody other than me. Anyway, let’s say that you have $10,000 in net taxable income, which likely puts you in the 15% tax bracket. That means you’d owe $1,500 in taxes. If you chose to donate $1,000 to a charity (like NTF) you’d save $150 on your taxes, making the net cost of that donation $850. If you’re in a higher tax bracket you’d save even more on taxes, so the net cost of your donation would be even less! Kinda sweet, huh?
Charitable donations also lower your “adjusted gross income”. That can have a number of benefits for you, including helping you qualify for more deductions in other places, like medical deductions. This is a prime example of things you should talk to your professional tax advisor about.
Perhaps your employer has a list of charities they support. If Network Time Foundation isn’t already on their list please ask them to add us. Better yet, your employer might have a matching charitable donation program. In this case, please donate to NTF through them — your contribution dollars will have even greater leverage and benefit.
I can think of two good reasons for lots of people and companies to make a charitable donation to NTF. The overall reason is that NTF is a Public Benefit Corporation, and groups like NTF really need support. The even better reason to support NTF in particular is that you have an appreciation for the critical importance of its mission — network time, and the enormity of the tasks we work on.