As small business owners, we’re all looking for ways to support our community during this season of giving.
Whether it be a local organization or a global cause, providing a charitable donation is not only good for the soul, but also for boosting company morale and customer perception. Not to mention, the benefits of that beloved tax deduction.
If you make a charitable donation before December 31, you may be able to write it off on your 2013 taxes.
Sponsoring a local charity event, donating inventory or services, making a cash donation, or volunteering, are all considered forms of charitable giving.
Not all charitable contributions are tax deductible; only those made to qualified organizations are eligible. Qualified organizations must be legitimate, public charities and generally include religious, educational, scientific, literary and charitable groups. Most operate as federally approved 501(c)(3) organizations, designating them as genuine and responsible to all non-profit regulations.
Knowing the IRS tax code is complex (bah humbug!), we can’t stress enough how important it is consult your bookkeeper or CPA before taking the plunge. They will confirm what constitutes a charitable deduction and how to accurately file your claim.
May the spirit of the holiday bring out your giving heart.
Warm wishes and continued success to you from the ProLedge family.