Do I need a PayPal account?
No. Simply click the 'Click Here' button after 'If you do not currently have
a PayPal account'.
What about 'Shipping Information'?
Choose the option, 'Shipping is required. (Please enter address below.)' We will send you a ROAR Donation Receipt that you can use when you file your taxes.
Will I receive a receipt?
Yes. You will be mailed a ROAR Donation Receipt immediately after we receive your donation.
I understand that I can claim a deduction for my donation to ROAR. What is the
skinny on this...how exactly does it work?
Rutgers Organization of Alumni Rowers [ROAR] is a charitable
organization. A charitable organization is generally defined as any
not-for-profit organization that is incorporated and identified by the
IRS as a 501(c)(3) organization. These organizations have been given
tax-exempt status and can accept donations.
Keep records of your donations. For donations of less than $250, a
canceled check is sufficient for IRS purposes. For contributions larger
than $250, you must get a written acknowledgment from the organization
that includes the amount of cash contributed and notice of whether you
received any goods or services in exchange for the donation.
Regardless of your donation amount, a ROAR Donation Receipt will be
mailed to you immediately after we receive your donation. It will
contain all required information as stated above.
To claim a deduction, you will need to fill out a 1040 Form, which is
available through the IRS website, and itemize your deductions on
Schedule A. If you fill out the short form or take standard deductions,
you cannot claim your contributions. You may take a 'charity donation
tax' deduction for donations to ROAR. Or you can let your accountant
handle it!
A deduction simply reduces the amount of your taxable income. For
example, let's say you cleared $80,000 last year and donated $200 to
ROAR. Upon filing your tax return your taxable income ($80,000) is
reduced to $79,800, thereby increasing your return or reducing your
payout. Either way...you benefit and so do the lightweights.
For further information, visit www.irs.gov & www.fool.com
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