Hoodlumpr - Phil avatar

Paying taxes on donations?

posted 4 months ago by Hoodlumpr

I’ve 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

  1. awelcomeflood - A Welcome Flood avatar

    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 aren’t personal donations to NGO’s tax write offs? What charity is it so I can snoop around for you to find some info?

  2. awelcomeflood - A Welcome Flood avatar

    awelcomeflood said 4 months ago

    found some more info for ya.

  3. Hoodlumpr - Phil avatar

    Hoodlumpr said 4 months ago

    awelcomeflood said: 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 aren’t personal donations to NGO’s tax write offs? What charity is it so I can snoop around for you to find some info?

    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, I’ll check it out when i leave work

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