Who gets the charitable deduction credit?
September 20, 2011 9:44 AM Subscribe
When an author, political figure or other speaker donates their speaking or appearance fee to charity, do they garner any tax benefits? Does this donation show up as a charitable tax deduction on their tax form? Does it show up as a charitable donation on the sponsoring organization's tax form?
posted by 2bucksplus to Work & Money (7 answers total)
If they are able to put the gift as a charitable deduction on their tax forms, is it possible to roughly calculate the amount of taxes they are saving, which is a form of compensation? For example, if they donate a $10,000 appearance fee, do they save $3,500 on their taxes (10,000 x 35%, which is the highest federal tax bracket, assuming these people make enough to put them well within that braket for the year)?