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Can business deduct charitable contributions?
Yes, your business can deduct charitable contributions as a business expense. However, there are a few things to keep in mind.
First, the deduction is limited to contributions of cash or property made voluntarily and without expectation of gain. In other words, you can’t deduct the value of your time or services donated to charity.
Second, your business must itemize its deductions on Schedule A to claim a charitable deduction. And finally, your total deduction for charitable contributions cannot exceed 50% of your adjusted gross income.
So, if you’re looking for ways to give back and get a tax break at the same time, donating cash or property to charity is a great option.
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