taxes what does donation go under
Where do I report business charitable donations? My business donated to charities from it's own account, this is not personal donations, where on turbo tax does this go? In general, charitable contributions are not allowed as a business expense on the Schedule C. However, if you made a payment to a charitable organization that was not for charity nor a gift, you may deduct the payment as an expense to the business. You may want to clarify or consider the terms of your donation. If your business received any benefit for the donation (ad space or marketing, for example) you may deduct the payment as an expense. Otherwise, your charitable gift/donation is not deductible under your business, but may be deducted on the Schedule A if you itemize your deductions for your personal tax return. You may want to review the IRS link below for clarification on this rule.