Get a receipt from the charity for your donation for your tax records.
Charitable contributions made by a business are not usually deducted in the same way you would deduct a charitable contribution on your income taxes. Rather, these contributions typically pass through to the sole proprietor, partnership or shareholders of a corporation.
Instructions
1. Determine whether the charities your business contributed to are "qualified organizations" according to the IRS. Ask the charity to see its Internal Revenue Service (IRS) letter recognizing its tax-exempt status.
2. Keep the necessary records to document your charitable giving. For contributions totaling more than $250, you must have a letter of receipt from the organization as evidence of the donation. For contributions of less than $250, a canceled check or bank statement will do.
3. Determine the fair market value of charitable donations in the form of property. If your business donates a vehicle or merchandise from your inventory, your deduction will be equal to the cost of the property on the retail market.
4. Subtract any compensation you receive from your donation from the amount you can deduct. For example, if you receive a gift worth $20 for a $100 donation, you can then deduct a total of $80.
5. Determine who will take the charitable deductions on their income taxes from the business. If you have a sole proprietorship, it will be you as the sole proprietor. If your business is a partnership or owned between stockholders, you can split up the donations accordingly.
6. Include charitable donations on the Schedule A form from the IRS and file it with your taxes (see References below).
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