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kyoyo, That is a very general question. Let me ask you a few questions. The more we know the better our answers.
How long have you been in business?? Do you have an accountant??
WHAT do you contribute regularly to the charitable organization through your company?? Goods??,
If you are contributing something OTHER than services to a charitable organization, your business should
be able to deduct 100% percentage of these contributions.
Hope this helps, LUCKIEST
To answer your questions
-I have been in business for almost a year now
-I do not have an accountant i see regularly. I saw one 6 months ago and will be seeing him in about two weeks.
-I contribute cash to the charitable organization
Thanks for your quick answer. Where are you located??
It is great you have been in business for almost a year now.
When you see your accountant, talk to him about contributions. O K
Finally, you are contributing cash. Cash is HARD to prove. Is it your cash or business cash??
I'm located in NY. My contributions were all made by check. I can get reciepts for them no problem. It is money from the business which i have records of and have no problems proving.(checks were made from business bank account)
Thanks for all the replies ladies and gents. It has been extremely useful. If you have more advice or comments please feel free to contribute.
I'm not a tax professional, but you can deduct 100 percent of cash donations given to charities that qualify for 501(c)(3) tax-exempt status (you can't deduct the cash you gave to the street performer on the corner, unfortunately!). Always get receipts from the organization -- the new rule for 2007 was essentially "no receipt, no deduction." If your business is not a C corporation, you'll generally claim charitable deductions on your personal tax return. If you give more than 20 percent of your adjusted gross income to charity, you may be subject to limitations (and how those work really does require a tax professional). Hope this helps. Best wishes.