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Non-Profit donations

by ivanela33
2 replies
Hello All WF Members,

Do any of you have any experience donating a percentage of your profits to non-profit organizations? I"m planning on doing this but I"m not sure how I can correctly (and legally) set this up so that I won't put myself or the non-profit in any type of bind. Any suggestions from people that have done this would be greatly appreciated.
#donations #nonprofit
  • Profile picture of the author mikec513
    Not really sure what your business structure is (LLC, S Corp, C Corp, etc) so can't say for sure. I am a C corp and I tithe 10% of my gross to a Church. They happily deposit the check without any problems. My C Corp can take the deduction since the Church is a 501c non profit. I'd ask a local accountant in your area...And while you are at it, find out if he needs a new website or something.
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  • Profile picture of the author mert
    There are many advantages to giving to charity. Yes, it makes you feel good, but it also might provide you with a tax deduction. The IRS has become much more stringent about the charitable deduction so it pays to know the requirements and to collect your paperwork throughout the year, rather than waiting for tax time.
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