Until now, most people had to settle for the satisfaction of giving to many local non-profit organizations in the Lake Chapala area without benefit of the tax deduction typically provided in the U.S. or Canada. However, the LCF now has 501(c)3 status, which gives it the authorization to provide tax deductible documents for donations of time or money. These tax deductions are valid for those paying taxes in the US, Canada or Mexico.
501(c)3 is a provision of the United States Internal Revenue Code listing 28 types of non-profit organizations exempt from some federal income taxes. Sections 503 through 505 list the requirements for attaining such exemptions. It's a great boon to our Lakeside charities to have completed the extensive paperwork, applied for the charities, paid the fee and been accepted! It will benefit all of us now!