What is 501(c)(3)

The name comes from the section of the Internal Revenue Service Code that describes such organizations. An organization may qualify for 501(c)(3) status if it is organized exclusively for one of several specific purposes. The organization must also be a corporation or foundation. T.E.A.R.S. is incorporated in the State of Illinois and qualifies for tax exemption as an educational and life saving public safety organization. T.E.A.R.S. is dedicated to the protection of children and adults residing in not just the State of Illinois but nation wide.

Deductibility Limitations to 501(c)(3) Groups

Individuals giving to 501(c)(3) organizations that are either public charities, private operating foundations, and certain private foundations may deduct contributions representing up to 50% of the donor's adjusted gross income if the individual itemizes on his tax returns.

Individuals giving to 501(c)(3) organizations that are private foundations may generally deduct contributions representing up to 30% of their adjusted gross income. Corporations may deduct all contributions to 501(c)(3) organizations (regardless of foundation status) up to an amount normally equal to 10% of their taxable income. Corporations and individuals eligible tax deductions are not limited To monetary gifts alone. Goods and services qualify and are tax deductible to the full extent of the law.

501(c)(3) Questions

What counts as a charitable organization? A charitable organization is generally defined as any nonprofit 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 contributions. T.E.A.R.S. is a registered 501(c)(3) organization.

What does it mean to be a 501(c)(3) organization? For charities, this means that they can accept contributions and offer donors a tax deduction for their gifts. For donors like you, this means your contributions are fully tax-deductible to the amount allowed by law. The receipt you receive from T.E.A.R.S. meets all of the IRS requirements as a record of your donation. Do I need a receipt for donations I make? The IRS doesn't require receipts for cash donations under $250, but you should keep donation information on file. Cash contributions of $250 and over require an acknowledgement that must be sent to the IRS with your tax returns. Every time you make a donation through T.E.A.R.S your donation is recorded in your history by the year, a feature that makes itemizing your taxes simple and convenient. How can I take a deduction for my donation? To claim a deduction, you will need to fill out IRS form 1040 , which is available through their website at http://www.irs.gov/ and itemize your deductions including your donations on Schedule A. Contributions are deductible for the year in which they are actually paid or delivered.

What about T.E.A.R.S. ?

T.E.A.R.S. is registered with The State of Illinois Attorney General and is an approved State of Illinois Non-Profit Corporation. Charter on file #6495-488 In good standing.

T.E.A.R.S. is a 501(c)(3) charitable organization registered and approved by the Federal Government as tax exempt. Your gift is tax deductible to the full extent provided by law.

T.E.A.R.S. does not sell or rent donor information under any circumstances. We do not share donor information without prior consent except as compelled by law. Your contribution can be kept private or publicized depending on your own preferences.

T.E.A.R.S. is dedicated to the protection of our children and adults residing in our homeland.