Contributing a Percentage of Profits to Charity

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I've seen how donating a percentage of your profits to a specific charity or cause can help your e-commerce site garner social media attention.

For those that have done this, are there any specific legal requirements that you have to follow? For example, I would imagine that you'd have to get the permission from the charity to use their name and likeness on your site. Do you have to keep charity funds in a separate account or file any additional paperwork with the IRS? Does anybody actually audit this stuff?

In addition, does is it better to donate off of your net or gross revenue? What's a reasonable percentage to donate to make it effective (I imagine that's also dictated by your profit margins)?
#charity #contributing #percentage #profits
  • Profile picture of the author BigFrank
    Banned
    Where you list the deduction is a particular line on your tax return. You don't get to choose.

    Frank
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  • Profile picture of the author Regional Warrior
    Originally Posted by automathings View Post

    I've seen how donating a percentage of your profits to a specific charity or cause can help your e-commerce site garner social media attention.

    For those that have done this, are there any specific legal requirements that you have to follow? For example, I would imagine that you'd have to get the permission from the charity to use their name and likeness on your site. Do you have to keep charity funds in a separate account or file any additional paperwork with the IRS? Does anybody actually audit this stuff?

    In addition, does is it better to donate off of your net or gross revenue? What's a reasonable percentage to donate to make it effective (I imagine that's also dictated by your profit margins)?
    One thing is you have to be careful of the brand you are selling and are they OK with you doing that

    You have to be ready for any one to see how much you donated to the charity very Transparent , I set a WSO a few years ago to aid the Food victims of QLD here in Oz
    and was up front on the sales page all the money was going to the survivors of the flood

    So you have to think about that , If I was to donate it would be around the 10-15% If the product is yours and you made it I would maybe go about 25%

    Hope this helps

    Jason
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