Jason’s dad created a GoFundMe and raised nearly $130,000 in the first week! Unfortunately, Jason’s dad may be surprised with tax bills totaling over $62,000! To add insult to injury, he won’t learn of this tax bill until a year or two later, when the IRS learns of the new-found “income” and hits Jason’s family with a tax bill, plus penalties, and interest charges!
At ECS, we work to prevent such surprises from taking donations away from families like Jason’s.
Max’s best friend organized a GoFundMe for Max’s family and raised over $82,000 in the first two weeks. But, he may be surprised with tax bills totaling over $36,000 when the IRS or Connecticut tax authorities present their tax bill to Max’s friend, years later, laden with penalties and interest.
At ECS, preventing surprises like this, from hurting Max’s friend and punishing him for trying to help, is what we do every day.
TTwo groups of friends starting separate GoFundMe pages that raised over $51,000 within a week and a half. In Minnesota, where Lucy’s friends live, this means they’ll be getting tax bills of nearly $24,000 for trying to help their friend.
ECS is an IRS-approved charity (a tax-exempt 501(c)3 nonprofit corporation) that is here to help you and your smaller, community-focused charitable efforts take advantage of the same tax benefits that Big Charity gets.
You bring the passion, because we know you care about your cause. What we provide is the technology and guidance – in conjunction with sites like GoFundMe – to allow your hard work to provide the biggest benefit to both your donors and recipients.