If I am a US business owner, can I legally donate to an unrelated charity as a business expense to avoid the 37% income tax on that amount?
post by Will_Grover · 2021-01-08T16:07:33.918Z · EA · GW · No commentsThis is a question post.
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answer by albrgr · 2021-01-09T18:33:38.957Z · EA(p) · GW(p)
Obv disclaimer: not a tax adviser.
Seems like yes based on this (https://www.thebalancesmb.com/can-my-business-deduct-charitable-contributions-397602) and according to this (https://www.philanthropy.com/article/nonprofits-win-extended-charitable-deductions-and-paycheck-protection-loans-in-stimulus-bill) the recent stimulus bill increased the limit for 2021 to 25% of corporate taxable income (instead of the normal 10%).
comment by Will_Grover · 2021-01-18T14:10:14.103Z · EA(p) · GW(p)
Terrific. Thanks for this info! Looks like I can do up to 25% this year (although less in a typical year).
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