Prometheus
Newsletter of the LFS
Good news for Libertarian Futurist Society members!
Most of your LFS annual memberships and renewals are tax-deductible, according to the latest information we've received from our attorney and accountant.
As we announced in the Winter issue, the Libertarian Futurist Society received IRS approval in November of its federally tax-exempt status as a nonprofit organization under Section 501(c)3 of the IRS code.
However, contrary to information in a Winter issue news note, all LFS members may deduct at least part of their memberships/renewals.
Tangible products received in exchange for donations (or membership dues) are not tax-deductible under IRS guidelines, and there was some question over whether that applies to the
To be safe, we recommend that members deduct the $20 subscription cost from their memberships/renewals to determine the amount eligible for tax-deductibility
Based on our current LFS membership levels, that would result in the following tax-deductible amounts for all LFS members:
Anyone who donates $250 or more to the LFS will receive an official letter from Director Victoria Varga acknowledging that tax-deductible donation, as required by IRS guidelines.
However, if your donation or membership contribution is less than $250, you do not need a formal letter—just your own check or financial records—to deduct that amount from your income taxes.
We hope this clarifies the advantages of the LFS' new tax-exempt, nonprofit status, and apologize for any previous confusion.
If you have any questions, please email LFS Board President Michael Grossberg at mikegrossb@aol.com
|
All trademarks and copyrights property of their owners. |
