Ive been tossing around the idea of selling some shirts with the plan being "when you buy this shirt, $x.xx goes straight to this charity"
The only problem is that someone told me that if I make the donation through my company (which was the plan) I still have to pay taxes on the donated $$ and I cant write it off or anything. I want to do some good, but cant afford to do the good and then pay taxes on it.
I would like to ask someone for some advice, but I cant exactly afford a lawyer or accountant to get the info I need. Does anyone know where I might be able to find this information?
p.s. I live in Pennsylvania
3 Comments
awelcomeflood said 4 months ago
dagn you and I are in the same boat. If your company was a 501c(3) you would be tax exempt.
If you donated the $x.xx of dollars from your personal banking account it should be tax free if the charity is a 501c(3). In fact arent personal donations to NGOs tax write offs? What charity is it so I can snoop around for you to find some info?
awelcomeflood said 4 months ago
found some more info for ya.
Hoodlumpr said 4 months ago
The problem with taking it out of my personal banking account is that I wanted the donations to be associated with my business, which im sure there still is a way but it would make it easier if it could come out of my business bank account.
And thanks for the info, Ill check it out when i leave work