Tax Tips

Tax Tips

A charitable gift to the JCJC Foundation will provide you with the satisfaction of knowing that your contribution will go to work for many students. Beyond the usefulness of the gift itself, you will receive tax benefits for your donation. Your gift should be made on or before December 31st of the year in which you wish to receive the charitable income tax deduction.
 Corporate Limits A corporation is permitted to make and deduct philanthropic investments of up to 10 percent of its taxable income. As with individuals, a corporation may carry over excess charitable contributions to the next five years.

Appraisals You must obtain an appraisal for any non-cash contribution which exceeds $5,000. The appraisal summary section of IRS Form 8283 must be completed and attached to the income tax return on which the deduction is claimed.

No appraisal is required for a gift of publicly traded securities for which market quotations are readily available on an established securities market.