Spare a Dime for the Times?

The New York Times announced newsroom cuts this week, and many of its readers responded offering cash to help the paper stay afloat. But can struggling newspapers accept donations?

Yes. Any company can accept money from eager customers. But whereas benefactors of nonprofits can claim charitable deductions on their taxes, supporters of for-profit ventures like the Times cannot. Indeed, the IRS would qualify such contributions as gifts rather than donations. It follows that there's a financial incentive to donate cash to even prosperous charities, but not to the ailing paper.

Read more about donating to the Times here.