Are personal fundraisers tax deductible?
Let’s talk about tax.
Creating a personal crowdfunding campaign for a loved one is quick and easy with mycause, and while personal fundraisers are not tax deductible it’s generally not a barrier to giving. However, it’s worth noting that in special circumstances, mycause can help individual fundraisers gain tax deductible status through its own charitable entity, Helping A Friend In Need (HAFIN).
How donations can become tax deductible
Unlike donations to a charity, donations to personal fundraisers are not tax deductible. Instead they’re received by the beneficiary as ‘gifts’. Yet in some cases, where a cause meets the criteria, campaign organisers can apply for tax deductible status through mycause. This may be necessary, for example, when donations are being sought from companies requiring tax receipts or foundations who only donate to tax deductible causes.
Some causes can’t wait
It’s important to remember that whatever the tax status of your fundraising campaign, your loved one will receive funds directly into their bank account. And some causes can’t wait. mycause lets you create your campaign, share your story and engage support in minutes. What’s more, we disburse funds direct to your beneficiary, quickly and securely. So get started on your personal fundraiser today.