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Donating compensation from speaking fees

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  • Donating compensation from speaking fees

    I am a speaker for one of the pharmaceutical companies and would like to donate the remittance from some of my talks directly to charity. The company is unwilling to write a check directly to the charity. Is there any way to endorse a future check made out to me directly to the charity so I don't have to pay taxes on this income?

  • #2

    That's an interesting problem. Short of forming a NPO for your speaking "business", I think you're stuck with paying taxes on the income and making a donation which, as we all know, is not a net-zero transaction. otoh, you should be able to deduct some related expenses (home office?) to bring the taxable income down.

    If you're so inclined, however, the IRS has made it much easier to form and operate an NPO using Form 1023-EZ in the last few years, so this is a possibility. a possibility. The 1023-EZ is a DIY form you can file to elect NPO status. In general, as long as your gross receipts are $50k or less, you have to file only a postcard return (Form 990-N) annually.

    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087


    • #3

      It'll probably still end up in the database.

      Helping those who wear the white coat get a fair shake on Wall Street since 2011