When it comes to charitable giving, it’s possible for you to do good and do well.
You see, when you make a charitable contribution through your business, you’ll save a lot more in taxes than if you make the same contribution as an individual.
Want to find out how to help others and keep more money in your pocket?
Don’t miss my new article titled Tax Tips: How to Squeeze Even More Tax Savings from Your Charitable Donations: Treat Them as Business Expenses.
Three ways our fact-filled article can help you:
- You’ll learn when you can’t write off a charitable contribution. The fact is, a deduction for charitable donations is an itemized deduction. Which means you don’t get any tax savings unless your total itemized deductions exceed a hefty standard deduction. You’ll get the whole story when you read the full article.
- We’ll tell you the best way to make charitable gifts. To put it simply, claim your charitable contributions as ordinary business expenses. Why? Because when you deduct your contributions as business expenses, the deductions go on your Schedule C or on your corporate return if you operate as a corporation. We’ll give you all the money-saving details when you read the full article.
- We’ll explain the two rules Uncle Sam insists that you follow. The tax-law rule is that your donation must have a direct relation to your business and “create a reasonable expectation for a commensurate economic return.” We’ll tell you what this means in plain English when you read the full article.