Crowdfunding has since revolutionized how people can donate and give back. But how can people determine what is real, and how much are people obligated to help?
While the internet has made crowdfunding a powerhouse that has shaken up the $410 billion charitable sector, the donations are not tax deductible no matter how philanthropic they seem. Not only that, any donation greater than $14,000 will trigger a gift tax.
Suzanne Shier, chief tax strategist at Northern Trust, explains, "Not all generosity is 'charitable,' at least not in the eyes of the IRS."
Craig Klugman, professor of bioethics and health humanities at Chicago's DePaul University, simply recommends: Ask for money online only if you really need it and if you wouldn't be ashamed to ask for it in person. Read the Entire Article
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