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Tax Benefits on Donations

Making the most of your contributions includes not only finding a charity that's right for you but also knowing about your tax benefits. Stay in Balance is registered with the IRS as a 501(c)(3), tax-exempt, US public charity. To learn more about our tax exempt status and mission, please consult our About Us page. To learn more about the tax benefits of your donation, please browse the Frequently Asked Questions below.

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 email receipt you receive from Stay in Balance does indeed meet all the IRS requirements as a record of donation.

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. Stay in Balance is a registered 501(c)(3) organization.

Charitable Events

For a charitable event, only a portion of the ticket value is deductible. The charity hosting the event will be able to identify the exact value of the benefits for each event.

Not all donations to nonprofits can be claimed as charitable deductions, even if the organization is registered as a nonprofit. Check with the IRS on whether or not an organization in question can receive charitable deductions.

How can I take a deduction for my donation?

To claim a deduction, you will need to fill out a 1040 Form, which is available through the IRS website, and itemize your deductions on Schedule A. If you fill out the short form or take standard deductions, you cannot claim your contributions.

Do I need a receipt for donations I make?

The IRS does not require receipts for cash donations under $250 but you should keep all of your donation information on file. Cash contributions of $250 and over require an acknowledgement from the nonprofit organization that must be sent to the IRS with your tax returns.

Do I need any acknowledgement for donations under $250?

Though the IRS does not require receipts for donations under $250, it is a good idea to keep this information on file. Be sure to keep the canceled check, credit card statement, or email receipt sent to your from the Cancer Research Foundation. Always note the donation amount, the date of the contribution, and the name of the charity.

For donations over $250, what information does the receipt need?

The receipt needs to record the donation amount, the date the donation was made, and the name of the charity, as well as a written acknowledgement from the organization of the receipt of the funds. The IRS should acknowledge an email receipt as an acceptable record of donation, but to be certain, always consult your tax advisor.

When you donate to Stay in Balance, your email acknowledgement will provide the amount, transaction date, and the charity name... all of the items the IRS wants you to keep a record of when you donate.

Can I take a deduction for volunteering my time and services?

You cannot deduct the value of time or services to a charitable organization but you can deduct any hard costs associated with that volunteering... such as the gas or bus fare it costs to get there. For example, if you volunteer in a charitable hospital and have to wear a uniform, you can deduct the cost of buying and cleaning the uniform. The IRS will let you deduct any out-of-pocket
expenses you acquire in the course of volunteering.


Disclaimer: Stay in Balance does not warrant or guarantee the accuracy, quality, completeness, or validity of any information it provides. All information has been obtained from sources believed by Stay in Balance to be accurate and reliable. Please consult your tax advisor for specific tax advice.