Yes. You deserve credit for making donations to your place of worship, school, or other 501(c)(3) charity.
But you deserve even more credit if you know how to be charitable and take full advantage of the tax law.
You see, if you make your donation as a business expense, you can help your favorite charity and get a valuable tax break for yourself!
Want to find out how to do good and do well?
Read my new article Tax Tips: Don’t Waste Donations on Your Church or Charity; Use Your Business.
Three ways our fact-filled article can help you:
- You’ll learn why contributing to a charity as a business expense is the smart way to go. When you deduct a contribution to your charity as a business expense, the deduction goes on your Form 1040, Schedule C, or corporate tax return (if you operate your business as a corporation). This provides two extremely valuable benefits as you’ll learn when you read the full article.
- We’ll explain this in detail. The tax law states that you can treat monies given to charities as a business expense if the monies given are both:
- Directly related to your business, and
- Made with a reasonable expectation of a commensurate economic return. For example, if you send $10,000 to a charity, you expect to generate at least $10,000 of business.
You’ll see how business owners made this work for them when you read the full article.
- We’ll show you how to put five totally-legal strategies to work for you. We’ll cover giving a portion of your sales proceeds to charity, how to use a rebate to a charity, and more. All will be explained when you read the full article.