Getting your donors tax receipts should be a breeze, here we'll explain how to set up tax receiptable amounts in minutes.
We’re explaining more about tax receiptable amounts and how you can set them up in a breeze! (Beware, this section includes math… but we’ve made it simple!)
If you would like to offer tax receipts, you will have to determine the total tax receiptable amount.
Tax receipts are only issued for donations. When attending a fundraising event, or purchasing an item, a portion of the ticket price will be value received (from the actual event) and the rest will be a donation to the chosen cause.
In order to determine the total tax receiptable amount, you will have to determine how much value is being received per ticket (as a dollar amount), and the remainder will be the donation portion of the individual ticket / item price or, your total tax receiptable amount.
What do you mean by the value received?
Well that could be the cost for food and beverages being offered at the event, or any swag or items given to attendees. Calculate how much all of these costs will be per ticket holder to determine the value received.
To calculate your donation amount for the ticket, subtract the value received by the ticket price. Yay! You now have your Total Tax Receiptable Amount!
If you do not want to offer tax receipts, simply leave the Total Tax Receiptable Amount field empty when adding your ticket details.
Have more questions about this? Click the blue chat icon in the corner to talk to our team.