1400′s Earns Official Federal Non-Profit Status
It’s been a long time coming and thanks to the support of many across the country and the perseverance of the founding members, 1400′s has achieved federal non-profit status as a 501(c)(3) organization. This means every dollar you donate is tax deductible.
“This is a major milestone for the 1400′s and demonstrates the dedication of the group to make a difference for folks who need a helping hand,” said the Board of Directors.
With the 501(c)(3) approval, 1400s.org has established an easy way to contribute online by partnering with WePay.com. Once your contribution is submitted you are presented with a notice of your tax-deductible donation which is to be used for preparing your annual return.
More great news if you live in North Dakota
Senate Bill 2160 recently passed the North Dakota legislature, clearing the way for a 40% tax credit for establishing an endowment in a North Dakota charity, of which 1400′s qualifies. A tax credit is a direct reduction in the previously-computed tax; it is superior to a tax reduction which is a reduction in income subject to taxation. This particular tax credit is allowed in lieu of a tax deduction on North Dakota returns.
Highlights of the legislation include:
- Business and individual gifts can be directed to same qualified endowment fund
- Minimum contribution of $5,000 to qualify for 40% tax credit up to a maximum credit of $10,000 for individuals or $20,000 for joint filers.
Thank you to everyone who has supported the idea of the 1400′s and we look forward to putting your faith in us to work.
