How A Charitable Donation Can Help Your Business
Giving to Giving Center and other non-profit organizations is a great way for your small business to build goodwill in the community and is often part of an overall public relations strategy. For many businesses, making charitable donations in cash , property and even time can be a benefit when it comes time to file your business taxes. Many types of contributions are tax-deductible . Though, there are limitations on these contributions and processes to follow in order to comply with strict tax laws. Qualifying Donations The IRS recognizes both cash and non-cash contributions from businesses. Non-cash donations can be property , goods and inventory . You also can deduct expenses related to volunteering for a qualified charitable event or service project. This doesn’t include the value of the time you spent but can cover gas and mileage required to attend an event, along with supplies...