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Does anyone know how to raise money for adoption without being taxed on what it earned? I'm an amateur photographer and am going to start taking portraits for donation which will be saved for our adoption. My goal is to raise $10,000. I know that will be considered taxable income. Is there any way to deal with that money without it being taxed? Do I need to set up my own non-profit designation to do this?
 

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I would ask a CPA? or someone that specializes in tax laws. I don't think you can set up a not for profit, then take all the money (unless it is to donate to the orphanage), but maybe you can if you are giving yourself an "income", but then it would be taxable. Seems like it is just kinda like someone working overtime at a job to afford and adoption, but you do have the ability of doing something "creative" with the cash.<br><br>
Maybe you can just ask your clients to donate a set amount per session that goes into an account set aside for donations. I don't really know, ask a professional, I am just babbling, but I am sure lots of people have wondered this same thing.
 

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you really need to clear that with a TAX l;awyer or a CPA<br><br>
A
 

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I agree--see a CPA or tax lawyer for those biggies. At one point, I looked into creating a non-profit for our adoption fund, and the cost to do so was prohibitive. You may do better to simply pay the taxes. Bookkeeping on thatis not terrible, and you can deduct lots of things from your income, and only tax the remaining amount.
 

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Yes, you can ask a CPA, but I think you are out of luck on this. I've seen similar questions arise from time to time on some adoption boards I'm on for the last 10 years, but I don't know of anyone who has managed to do this.
 
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