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Tax Deductions for Charitable Giving

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December 29, 2014
Author: NCH

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Most small businesses make charitable donations. In fact, surveys have shown that about 75 percent of small business owners donate some portion of their profits to charitable organizations each year. In order for your donation to be deductible, it must go to a nonprofit group that is approved by the IRS. To write off any cash contributions, no matter how small, you need a canceled check, bank record or a receipt with the charity’s name and donation amount. There’s also a limit on how much you can deduct. The basic rule is that your contributions to public charities, colleges and religious groups can’t exceed 50 percent of your Adjusted Gross Income, and you can’t write off a contribution to the extent that you get something in return. Remember, required to keep excellent records of their charitable contributions. Your records must indicate the name of the charitable organization, the date of your contribution, and the amount your contribution.

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