TAX DEDUCTIBLE DONATIONS

Tax-deductible donations refers to contributions made by qualifying organizations that can be deducted from the donor’s taxable income, thus reducing their overall tax liability. These donations provide a financial benefit for the donor while also supporting nonprofit organizations and charitable causes.

For donors, tax deductible will lower their taxable income and reduce the tax burden, while for charities, they encourage more contributions. However, to take full advantage of the tax benefits, donors must ensure they are giving to eligible organizations, maintain proper documentation, and understand the rules regarding limits and itemization.

Upendi Footprints is committed to making Tax Deductible Donations, as easy and seamless as possible, to both individuals and corporates.

BENEFITS TO INDIVIDUAL DONORS

One of the primary benefits of making tax-deductible donations is the ability to reduce your taxable income. When you donate to qualified organizations (such as nonprofits or charitable institutions), the amount you donate can be subtracted from your gross income, potentially lowering the amount of income that is subject to tax.

Since tax-deductible donations reduce your taxable income, they can also lead to a lower overall tax liability. This means that, for example, if you're in a 25% tax bracket and you donate $1,000, you could save up to $250 in taxes.

If you're planning your finances strategically, charitable contributions can be a tool for managing your income tax burden. Larger donations can be spaced out across several years to maximize deductions, depending on your overall tax planning.

Wealthy individuals often make large charitable donations as a way to reduce taxable income. In some cases, this is also a part of estate planning, where donations are made to minimize inheritance taxes.

BENEFITS TO CORPORATE DONORS

Businesses and corporations can also make tax-deductible donations, benefiting from the same types of reductions to their taxable income as individual donors. For people making large contributions, or those who cannot fully deduct their donations in one year due to the limitations, donations can be carried forward and deducted in future years. This flexibility makes it easier to balance tax planning over time.

BENEFITS TO THE RECIPIENT

Tax incentives encourage people to donate to causes they care about. By lowering the financial barrier to charitable giving, tax deductions can increase the amount of resources flowing to charitable organizations that rely on donations to fund their work.

While the government offers tax breaks, it can also benefit indirectly from charitable work by supporting programs and organizations that may reduce the burden on public services or contribute to the good of the public.

DONOR RECOGNITION

Upendi Foundation and Upendi Projects, together with Upendi Footprints will offer public acknowledgment of donations, in the form of certificates, and public recognition in the Upendi annual reports and on the Upendi websites.

Corporate donations to charity can also enhance a company’s public image, showing a commitment to social responsibility and community support.

REGULATIONS FOR DONATIONS

It is essential to keep proper records, including receipts or acknowledgment letters from charities, especially for larger donations. Donations of $250 or more require written acknowledgment from the charity for them to be deductible.

Ensure the charity meets the necessary criteria for your donation to be deductible.

Upendi Foundation and Upendi Projects together with Upendi Footprints will comply with all regulations and producing all documentation, necessary for accepting tax-deductible donations.

DONATION LIMITS

There are limits to how much you can deduct in any given year, based on your income and the type of donation. For example, the IRS typically limits charitable deductions to a percentage of your adjusted gross income (AGI), and there are different limits depending on whether the donation is cash, property, or securities.

The same donation limits apply regardless of whether you're donating to a general fund or a specific project. For instance, the IRS limits cash donations to 60% of your adjusted gross income (AGI) for qualifying organizations, and property donations might be limited based on their fair market value.

Upendi Foundation and Upendi Projects together with Upendi Footprints will make sure that all donations fall within the regulations of the country that the donor resides in.

INNOVATION:

Creating our own cryptocurrency allows us to innovate in the blockchain and cryptocurrency space. We can experiment with new consensus mechanisms, tokenomics, or governance models that might not be present in existing cryptocurrencies.

CUSTOMIZATION:

We have full control over the design and functionality of our cryptocurrency. This means we can tailor it to fit specific use cases or industries, such as backing projects, business systems, and decentralized finance (DeFi).

COMMUNITY BUILDING:

Launching a cryptocurrency can help us build our brand and attract a community of users who are interested in our projects. This community can provide support, feedback, and contribute to the growth of our cryptocurrency ecosystem.

FINANCIAL POTENTIAL:

Successful cryptocurrencies can generate substantial financial returns. As our project gains adoption and value, the tokens we hold will appreciate significantly over time.

DECENTRALIZED CURRENCY:

Our goal is to promote decentralization and empower individuals by reducing reliance on centralized institutions, developing our own cryptocurrency aligns with these ideals.

TOKENIZATION:

Beyond just creating a currency, cryptocurrencies can represent ownership in assets, voting rights, digital assets and access to specific services. This tokenization capability can unlock new ways of monetizing products or services within our ecosystem.

Cryptocurrencies have the potential to disrupt traditional industries and improve financial inclusion globally. By developing our own cryptocurrency, we can contribute to this ongoing transformation and potentially make a positive impact.