The ultimate Movember donation guide: Six things companies need to know about donating to this cause
November means it's time to help raise awareness for prostate cancer. But it's not just awareness we need to raise, it's money too.
If your company wants to get behind the Movember movement and raise some money, you should consider donating.
But before you do, we have six things you need to know about donating to this cause to help you make the most out of it...
Before you donate to Movember, ensure you know these six things
When your company donates money, one of two things can happen. You either get a tax deduction from it or incur donations tax.
To help you earn the deduction instead of the tax, you need to know these six important things:
1. To get your tax deduction, you need to donate your money through the right channel
2. Beware of rand-for-rand donations to a Movember team, it could result in donations tax
3. This is the best way to donate for Movember to earn a donations tax deduction
4. To earn a donations tax deduction, you first need to check if the organisation is a PBO
5. You won't get you a tax deduction for Movember unless you do this
6. To claim your tax deduction for your donation, you need this document
So go on and get behind Movember, but remember these six important things so your donation doesn't land you a hefty tax. (Remember, these tips relate to all donations, not just the ones you make to the Movember cause.)
For everything else you need to know on donations tax and tax deductions, check out the Practical Tax Loose Leaf Service.
And if you have any questions, visit the Accounting and Tax Club
where our experts will answer all your questions.
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