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Subject:
Tax deductibility of charitible contributions
Category: Business and Money > Accounting Asked by: spencer2x-ga List Price: $8.00 |
Posted:
27 Sep 2006 12:40 PDT
Expires: 27 Oct 2006 12:40 PDT Question ID: 768972 |
I want to start a business that sell a product and donates a portion of the sales to a charity or some qualified 501 org. I want to know where I look to find out if I can give the purchaser a tax deduction on that portion that goes to charity? Or who do I got to to get more info on this topic. |
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There is no answer at this time. |
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Subject:
Re: Tax deductibility of charitible contributions
From: toufaroo-ga on 27 Sep 2006 13:40 PDT |
I'm not sure what the ramifications on giving it away are, but you won't be able to double-deduct. That is to say, if the purchaser gets the tax deduction, you can't also get it. It would probably be wiser to have the purchaser pay full price and have you deduct the donations from your (or your business') income. This will most likely be advantageous to your (or your business') tax situation. This is all very general; For specific numbers, you'd need to obviously consult an accountant and/or tax attorney. |
Subject:
Re: Tax deductibility of charitible contributions
From: myoarin-ga on 27 Sep 2006 19:24 PDT |
Won't the purchaser need a receipt from the charity to claim the deduction? Neither you nor the charity can "give the purchaser a tax deduction". |
Subject:
Re: Tax deductibility of charitible contributions
From: ubiquity-ga on 29 Sep 2006 12:29 PDT |
NO. You cannot pass on the tyax deduction. Take the tax deduction yourself. Or better, dont give to a charity and charge a lower price so your customers can give their saving on to a charity of their choice and deduct it. Your idea is noble, but it doesn't work. |
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